Young people are the future, but right now the future is looking pretty poor. An influential commission is speaking out for young people and their emptying pockets and is suggesting free handouts.
The Resolution Foundation, chaired by an ex-Tory minister Lord Willetts, has released a report which has been published after two years of research. One of its main conclusions is that every person in Britain should receive £10,000 when they turn 25 to help get on the property ladder, pay for education, and start paying into a pension and to help fix the divide between millennials and baby boomers.
According to Willetts, many believe young people are no longer being treated fairly and the solution to this is a new scheme called “Citizens Inheritance”. Essentially this means changing the terms of inheritance tax which is currently taxed at 40 percent once it passes the £1m mark. The new scheme proposes that this should be abolished and replaced with a lifetime limit for recipients of £125,000, then the money raised will go towards “Citizens Inheritance”.
Though young people today are experiencing higher overall employment rates than the past and a closing gender pay gap, people in their 20s are more likely to be in insecure work than the generation before them. Politicians across parties in governments have discussed introducing indeterminate tenancies and limiting rent increases as ways to help out this gen.
Considering almost all findings of millennial life right now are bleak, for example, nobody thinks we need a living room, our wages are stagnating, and there’s no hope of buying a house, let’s remember not to fritter it all away on avocado on toast and artisan coffee.