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https://www.theguardian.com/money/2018/may/08/give-millennials-10000-each-to-tackle-generation-gap-says-thinktank

Think tank suggests that in order to resolve the disparity between millenniums and boomers £10,000 should be given to young people on their 25th birthday.

Quote

 

Every person in Britain should receive £10,000 when they turn 25 to help fix the “broken” intergenerational contract between millennials and baby boomers, an influential thinktank has proposed following a two-year study.

The payment, described as a “citizen’s inheritance”, is intended to redistribute wealth at a time when young people need it most to find housing, return to education or start a business.

 

Nice to see that it would not be wasted on iPhones and avacados

Quote

“I would have a big smile on my face. With no restrictions it would be gone in a month, but with the restrictions, how would it help me? £10,000 is not even enough for a deposit and I don’t want to deal with my pension until I am in my late 30s. I won’t think that far ahead. But if there were no restrictions I would be straight down to Selfridges. Nikeh Gray, 29, London

 

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22 minutes ago, Fossildog said:

https://www.theguardian.com/money/2018/may/08/give-millennials-10000-each-to-tackle-generation-gap-says-thinktank

Think tank suggests that in order to resolve the disparity between millenniums and boomers £10,000 should be given to young people on their 25th birthday.

Nice to see that it would not be wasted on iPhones and avacados

 

 

The Resolution Foundation

Quote

Clive (Cowdery) founded the Resolution Foundation in 2005. He is Chairman of Resolution Life, a US insurance vehicle. Clive is majority owner and a director of Prospect Publishing Limited.

 

Clive seems to like the word Resolution.

My suggestion is that, with great resolve, he, and his Foundation, can fuck right off

Edited by Hopeful

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I have suggested that the £50 -£60k student loan facility be made available to young people generally from 18, with strings, so that it can be used to pay for training, a house (or the deposit on a house), or provide supplementary income for an apprenticeship.

Currently you can only access this borrowing if you are prepared to spend it on a degree which, for most people, is money wasted.

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11 minutes ago, swiss_democracy_for_all said:

Ffs. Easily solved, but no-one wants to do it. More giveaways and borrowing proposed to enable the old to keep their unearned wealth and keep the young frozen out. 

How about taking away every prop for the housing market, including immigration. Plus building a ton of homes (and not shit ones), just add a million private and a million social housing (ban the sale of these) into the market, who owns what will sort itself out. 

C'mon, you're not thinking this through.  How would your approach help the banks?

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15 minutes ago, swiss_democracy_for_all said:

Ffs. Easily solved, but no-one wants to do it. More giveaways and borrowing proposed to enable the old to keep their unearned wealth and keep the young frozen out. 

How about taking away every prop for the housing market, including immigration. Plus building a ton of homes (and not shit ones), just add a million private and a million social housing (ban the sale of these) into the market, who owns what will sort itself out. 

Stop SMI.

Reduce benefits claimaints - as durhamborn said on ToS - he knows lots of 20you who get 30k/y from UKGOV Just not the working ones ...

Default on unfunded public sector pensions.

Raise IRs.

 

Stop giving money to non nations.

Kick anyone not earning 30k/single 60k/family out.

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Who'd thought in the 21st Century, the focus is on more identity politics. Check your privaledge dudes.

When you pit one group against another, that is divide and conquer.

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3 minutes ago, 201p said:

Who'd thought in the 21st Century, the focus is on more identity politics. Check your privaledge dudes.

When you pit one group against another, that is divide and conquer.

And it has worked time immemorial. 

They can go fuck themselves. Yes a contract has been broken , it is the one between the state and the people. 

This is just jet another stupid, idiotic idea that makes being a responsible working person, who lives within their means, a stupid decision. 

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It is a stupid idea -- the problem is house prices, the solution is house prices.

Anyway, there was one good idea in there -- a lifetime inheritance tax limit.  In this each person gets a £125k allowance -- if they inherit more than this in their life then the limits kick in.  This seems a better idea than the estate-value approach currently used.  Sure, a family with one child would be taxed more than one with four, but taxes are never fair; the issue is always to whom are they fairest.

IMO they should extend this to capital gains tax.  See, the rich really benefit from capital gains tax; typically you'll set up a dividend portfolio' which pays out as income and a 'gains portfolio' which pays out as capital gains -- this way the wealthy will take their tax free allowance each and every year.  Poor people might have a few windfalls, but their capital gains won't be every year from 18...  They could give everyone a £125k capital gains lifetime allowance -- it wouldn't make any difference at all to 99.9% of the population, but would give decent return for the 0.1% (or, rather, it would make them change their behaviour so that the artificial 'gains portfolio' would vanish.

To go back to the original point, they could resolve the problem by giving a lifetime capital gains allowance but make the primary property liable for capital gains tax.  Sure, add a bit to the capital gains lifetime allowance so that the average person pays no more in tax, so £250k say.  But this would help by reducing the attractiveness of this amazing tax free asset (reducing demand) and raise money from the ultra-wealthy (increase taxes).

But they wouldn't do it, because it is evident from the report and articles that delicately skate around the elephant in the room without mentioning it, there is absolutely no way they'll directly tax property wealth.

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1 hour ago, sukuinage said:

C'mon, you're not thinking this through.  How would your approach help the banks?

Quite.  I can only imagine that the 'bank of mum and dad' is threatening to run a bit dry, so the £10k would keep those deposits rolling in.

I guess it would be the bank of other people's mum and dad.

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What a good idea , not. Typically socialist redistribution.

I've worked and built up some savings. I continuously try to avoid paying any taxes that I can legitimately not pay. I can spend the money I've earned and gained in a way that suits me far better than any government can. I accept there are some things I have to contribute to that help create the society we live in: infrastructure, police, education, NHS.

If any government introduces legislation to take my money away I will devote more time to working around the system. Many posters do that right now. Its basic economics 101.  

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1 hour ago, One percent said:

And it has worked time immemorial. 

They can go fuck themselves. Yes a contract has been broken , it is the one between the state and the people. 

This is just jet another stupid, idiotic idea that makes being a responsible working person, who lives within their means, a stupid decision. 

Remind me - how old are your two?

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2 minutes ago, swiss_democracy_for_all said:

It is remarkable how many people I know who :-

1. Have considerable unearned wealth in property.

2. Have children who are already or are going to be frozen out like everyone else's children.

3. Are against anything that would drive house prices down.

4. Are completely unwilling/unable to admit the utter selfishness and total contradiction of this position.

 

Where I live I dont really know anyone like that as most are up to their eyes on mortgage debt until they are in their 60s.

The retired ones live in houses worth 250K and if they downsized would still have to cough up 180-200K as the local market is that tight as incomes are generally in a narrow band.

Anyone who actually works can actually afford to buy a place with the difference between good and shit areas being about 50K.

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7 minutes ago, swiss_democracy_for_all said:

It is remarkable how many people I know who :-

1. Have considerable unearned wealth in property.

2. Have children who are already or are going to be frozen out like everyone else's children.

3. Are against anything that would drive house prices down.

4. Are completely unwilling/unable to admit the utter selfishness and total contradiction of this position.

 

The when the property prices went mad gainz 2002 onwards, all the parents at the school gate were crowing about how much their house was increasing. I thought at the time, but what about the kids?  I could not understand how they could not join the dots on this. 

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25 minutes ago, swiss_democracy_for_all said:

It is remarkable how many people I know who :-

1. Have considerable unearned wealth in property.

2. Have children who are already or are going to be frozen out like everyone else's children.

3. Are against anything that would drive house prices down.

4. Are completely unwilling/unable to admit the utter selfishness and total contradiction of this position.

 

People dont live forever.

Spys simple mortality - in 10 years 10 50% of the people currently 65 and above will be dead.

MMR sets the current mortgage level at 4x household income.

Check your local median income.

My local one is going to see prices go down to ~120k. A fall of 100k.

Its probably goign to be more as the last 15 years have seen lads pile into BTL, then into holiday lets.

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I think they are approaching it in the wrong way..  it isn’t that older generations don’t pass their wealth to the next,  but that they do it too late after their kids really need it. 

If this is something the state wants to actively socially engineer (I’m not necessarily in favour btw) then they should look at lowering IHT thresholds and avoiding tax-free gifts,  but then creating “loop holes” where any money gifted/left to under 25s is ring fenced tax free.   That would encourage older generations to pass down their wealth when their kids or grandkids most need it but effectively keep everything tax free.

Personally though I’d just keep everything as it is and wait for the intergeneration wealth wave/bubble to pass.   Nobody’s taking it with them ;)

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5 minutes ago, Libspero said:

I think they are approaching it in the wrong way..  it isn’t that older generations don’t pass their wealth to the next,  but that they do it too late after their kids really need it. 

If this is something the state wants to actively socially engineer (I’m not necessarily in favour btw) then they should look at lowering IHT thresholds and avoiding tax-free gifts,  but then creating “loop holes” where any money gifted/left to under 25s is ring fenced tax free.   That would encourage older generations to pass down their wealth when their kids or grandkids most need it but effectively keep everything tax free.

Personally though I’d just keep everything as it is and wait for the intergeneration wealth wave/bubble to pass.   Nobody’s taking it with them ;)

Ah, but they don’t want the money staying within families, rather they want it redistributed to the feckless bennie claimants and gimmigrants. 

If they really wanted to help, they would stop giving money to the feckless and gimmigrants and redistribute this to pay for higher education. 

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56 minutes ago, swiss_democracy_for_all said:

It is remarkable how many people I know who :-

1. Have considerable unearned wealth in property.

2. Have children who are already or are going to be frozen out like everyone else's children.

3. Are against anything that would drive house prices down.

4. Are completely unwilling/unable to admit the utter selfishness and total contradiction of this position.

Yeah I see lots of people who, because they own property, want to see prices continue to rise, and these are people who have children themselves. But to hell with the kids, right, it's all about being able to say your house is worth £X. And the young who do manage to get on the ladder, then don't want prices to fall because they want it all to have been 'worth it'. I think basically most people are selfish, which is fair enough I guess.

When pressed on houses being too expensive my parents come out with shite like "well the young spend so much on mobile phones and holidays".

Edited by JoeDavola

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