Call for taxes to heal generational divide

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Media captionInter-generational fairness: One household, three voices

A PS1 0,000 payment should be given to the young and pensioners taxed more, a new report into inter-generational fairness in the UK suggests.

The research and policy organisation, the Resolution Foundation, says these radical moves are needed to better fund the NHS and maintain social cohesion.

Its chairman, Lord Willetts, said the contract between young and old had “broken down”.

Without action, young people would become “increasingly angry”, he said.

The Resolution Foundation says its goal is to improve outcomes for people on low and modest incomes.

Recommendations include:

Give PS10, 000 to all young adults at the age of 25, funded via a new “lifetime receipts tax” that would replace inheritance tax Scrap council taxation and replace it with a new property taxation targeting wealthier homeowners Use the proceeds from property tax reform to halve stamp duty for first-time purchasers and increase public funding for social care Make earnings of those above state pension age subject to National Insurance contributions Media captionLord Willetts says there is a divide between older and younger people

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