Every young person in Britain should receive £10,000 when they turn 25 to help fix the intergeneration contract between millennials and baby boomers, an influential think tank has said.
The payment, which has been described as “citizen inheritance”, would help redistribute wealth at the time when young people need it most pay for homes, the group suggested.
The idea was floated by the Resolution Foundation’s intergenerational commission, which had been working on the issue for two years before publishing its final report.
Chaired by David Willetts, the former Conservative universities minister, its panel also included the TUC secretary general Frances O’Grady and the CBI director general Carolyn Fairbairn.
Its report suggests that, with record numbers of people renting and unable to get onto the housing ladder, and with many trapped in zero-hours jobs, radical action is needed to reset the balance.
Alongside the Citizen's Inheritance are other proposals, including a £2.3bn NHS levy, which are to be funded by new national insurance contributions from pensioners.
Mr Willetts, Executive Chair of the Resolution Foundation, said: "Many people no longer believe that Britain is delivering on its obligations to young and old. But our Commission shows how Britain can rise to this challenge.
"From an NHS levy to put healthcare on a firmer financial footing, to building more homes and a Citizen's Inheritance to boost young people's career and housing aspirations, our report shows how a new contract between generations can build a better and more unified Britain."
