whome_yesyou Posted April 2, 2018 Share Posted April 2, 2018 According to some thinktank, they are advising we have a £10,000 give-away for 25-year olds. Normally this stuff does not bother me, because I read it and think that will never happen. However, they are subliminally pushing the whole HPI mantra; image of house keys being passed, and it being the main example of how that £10k should be spent. Is this now where we're at? Instead of letting HPI come back down to its natural price level, it is suggested we give every young person a lotto win so that they can use it for buying a house? The mentality of this is truly bewildering. This tells me that they will try everything and anything possible to keep a property bubble from popping, but then we knew that already. https://www.theguardian.com/politics/2018/apr/02/pay-all-uk-25-year-olds-a-10000-inheritance-says-thinktank Quote Pay all UK 25-year-olds a £10,000 inheritance, says thinktank All UK-born citizens should be given £10,000 as a “universal minimum inheritance” when they turn 25 to help address growing wealth inequality, a thinktank has proposed. Tax reforms and a selloff of assets including the government’s stake in Royal Bank of Scotland could help create a citizens’ wealth fund worth £186bn by 2029/30, the Institute for Public Policy Research (IPPR) said. Such a fund would give everyone a stake in the economy and help young people invest in their futures, for example through buying a property, investing in education or starting a business, according to a report for the IPPR Commission on Economic Justice. The fund could be large enough to pay all 25-year-olds a one-off capital dividend of £10,000 from 2030. The report proposes capitalising the fund using a mixture of asset sales, capital transfers, new revenue streams, a small amount of borrowing and returns reinvested through the decade. These could include reformed wealth taxes such as a gift tax to replace inheritance tax, and a “scrip tax” of up to 3% requiring major businesses to issue equity to the fund. The authors also propose national asset sales including the RBS stake. According to the IPPR, the wealthiest tenth of all UK households own 44% of the nation’s wealth, while the least wealthy half of households own 9%. More than 70 governments around the world have sovereign wealth funds. Norway invested its oil income in a sovereign wealth fund established in 1990 that is now worth more than $1tn (£713bn). The IPPR report claims that had the UK’s revenues from North Sea oil been invested in a sovereign wealth fund in the 1980s, such a fund would have been worth more than £500bn today. Carys Roberts, an IPPR senior economist, said: “Who owns wealth and who will inherit wealth is becoming more important – increasingly so, as the share of national income paid to people through wages declines. “A citizens’ wealth fund would enable citizens to collectively own a portion of our national wealth, and make sure everyone benefits from rising returns to capital, not just people who will inherit or who already own assets.” Quote Link to comment Share on other sites More sharing options...
Greater Fool Posted April 2, 2018 Share Posted April 2, 2018 The only thing in this article that makes sense is the comment from the economist: Carys Roberts, an IPPR senior economist, said: “Who owns wealth and who will inherit wealth is becoming more important – increasingly so, as the share of national income paid to people through wages declines. At least there are some who are acknowledging the declining value of human labour across the board. When Gran's house is sold for £600k when it was originally bought for £1875 it puts the average £25K a year pre tax salary into perspective. Quote Link to comment Share on other sites More sharing options...
RentingForever Posted April 2, 2018 Share Posted April 2, 2018 £10k wouldn't be a 5%,deposit for most of the south these days. Need to at least double it, and thow some HTB money at it too. Such is the madness. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted April 2, 2018 Share Posted April 2, 2018 Why not give it to every poor sod stuck renting? Quote Link to comment Share on other sites More sharing options...
longgone Posted April 2, 2018 Share Posted April 2, 2018 why not just give everyone 25 plus to say 65 a citizens income but get rid of every other benefit. basics could be accounted for, if you want more out of life work for it. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted April 2, 2018 Share Posted April 2, 2018 2 minutes ago, GreenDevil said: Why not give it to every poor sod stuck renting? How would you differentiate between those "stuck" renting and those renting out of choice? Quote Link to comment Share on other sites More sharing options...
godnose Posted April 2, 2018 Share Posted April 2, 2018 This is in the right direction, but I'm older than that and renting in shared flat. Can honestly say £10,000 would not change my life at all (unless you count going on a holiday, buying nice clothes, a car etc. the things this money should not be spent on!). In terms of actual quality of life / life satisfaction improvement, which let's face it, at the very base, means not being fleeced by some landlord, we need serious systemic change. Living wage, taxing top 1%, taxing btl severely. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted April 2, 2018 Share Posted April 2, 2018 3 minutes ago, longgone said: why not just give everyone 25 plus to say 65 a citizens income but get rid of every other benefit. basics could be accounted for, if you want more out of life work for it. Because it would only be a matter of time before some bright spark decides to means test it. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted April 2, 2018 Share Posted April 2, 2018 3 minutes ago, Bruce Banner said: How would you differentiate between those "stuck" renting and those renting out of choice? Give 10k towards a deposit? Why is everything for the bloody young? Quote Link to comment Share on other sites More sharing options...
longgone Posted April 2, 2018 Share Posted April 2, 2018 1 minute ago, GreenDevil said: Give 10k towards a deposit? Why is everything for the bloody young? its just HTB under another name. Quote Link to comment Share on other sites More sharing options...
longgone Posted April 2, 2018 Share Posted April 2, 2018 3 minutes ago, Bruce Banner said: Because it would only be a matter of time before some bright spark decides to means test it. probably 10k would be the new 0 or save £50 https://www.telegraph.co.uk/money/money-makeover/money-makeover-saving-50-month-study-can-buy-home/ Quote Link to comment Share on other sites More sharing options...
doomed Posted April 2, 2018 Share Posted April 2, 2018 Can I have some free money please? Quote Link to comment Share on other sites More sharing options...
spyguy Posted April 2, 2018 Share Posted April 2, 2018 11 minutes ago, longgone said: probably 10k would be the new 0 or save £50 https://www.telegraph.co.uk/money/money-makeover/money-makeover-saving-50-month-study-can-buy-home/ Well.. Lets take mature student in Ull. 50/m saving. Thats 600/y. 6k in 10 years. Not going to help her, even in Ull. Quote Link to comment Share on other sites More sharing options...
DarkHorseWaits-NoMore Posted April 2, 2018 Share Posted April 2, 2018 (edited) 2 minutes earlier and I'd have it down as an April Fools. Let's just settle for plain old B*ll*x . Quote Helen Pidd North of England editor Mon 2 Apr 2018 00.01 BST Edit: I suppose it's one way to get the young voting Tory again. Shouldn't think it would cost that much to start with. Edited April 2, 2018 by DarkHorseWaits-NoMore after thought Quote Link to comment Share on other sites More sharing options...
longgone Posted April 2, 2018 Share Posted April 2, 2018 3 minutes ago, spyguy said: Well.. Lets take mature student in Ull. 50/m saving. Thats 600/y. 6k in 10 years. Not going to help her, even in Ull. i don`t think that is the real reason for the story. just another "you need to buy" advert. telegraph seems to be quite bad actually in that respect. even worse than the DM Quote Link to comment Share on other sites More sharing options...
juvenal Posted April 2, 2018 Share Posted April 2, 2018 (edited) LBC spent an hour discussing this issue this morning. The emphasis wasn't initially that the money would be used for housing. There was a lot of optimistic guff about young people being entrepreneurs, creative, full of ambition and ideas that could be turned into lucrative careers. All they need is the 'seed' money. The phone-in example was an aspiring novelist! This assumption of an untapped well of great ideas and business acumen goes directly against my own life experience. Good business ideas are as rare as hen's teeth, and people with the single minded drive and work ethic to realise true business potential even rarer. On the other hand I've known dozens of youngsters with utterly unrealistic expectations of a career in film, tv, the wider media, music, computer games, 'rapping', writing, acting, sport etc. All 'glamour' jobs - that heady world of back bedroom fantasies - and all great places to quickly throw away ten grand finding out just how ferocious the competition is. Don't we all know the guy who spent four potless years after his degree trying to get his 'indie band' out of local pubs? Then decided to ditch his bass guitar, take a PGCE and get into even more debt, before becoming a geography teacher? Edited April 2, 2018 by juvenal Quote Link to comment Share on other sites More sharing options...
winkie Posted April 2, 2018 Share Posted April 2, 2018 We should be trying to reduce the money sloshing about in the system, devaluation.....not everyone wants to buy, 'cause buying is seen as enslaving to some, tying down, restriction.......the more you give people the more they want/need..... Quote Link to comment Share on other sites More sharing options...
spyguy Posted April 2, 2018 Share Posted April 2, 2018 21 minutes ago, juvenal said: LBC spent an hour discussing this issue this morning. The emphasis wasn't initially that the money would be used for housing. There was a lot of optimistic guff about young people being entrepreneurs, creative, full of ambition and ideas that could be turned into lucrative careers. All they need is the 'seed' money. The phone-in example was an aspiring novelist! This assumption of an untapped well of great ideas and business acumen goes directly against my own life experience. Good business ideas are as rare as hen's teeth, and people with the single minded drive and work ethic to realise true business potential even rarer. On the other hand I've known dozens of youngsters with utterly unrealistic expectations of a career in film, tv, the wider media, music, computer games, 'rapping', writing, acting, sport etc. All 'glamour' jobs - that heady world of back bedroom fantasies - and all great places to quickly throw away ten grand finding out just how ferocious the competition is. Don't we all know the guy who spent four potless years after his degree trying to get his 'indie band' out of local pubs? Then decided to ditch his bass guitar, take a PGCE and get into even more debt, before becoming a geography teacher? Oh they are though. I remember listening to my Unis friends telling me theyd retire by 40. If they meant on the dole, for the rest of their life, scrabbling for pennies then they were right, partially. Quote Link to comment Share on other sites More sharing options...
winkie Posted April 2, 2018 Share Posted April 2, 2018 27 minutes ago, juvenal said: LBC spent an hour discussing this issue this morning. The emphasis wasn't initially that the money would be used for housing. There was a lot of optimistic guff about young people being entrepreneurs, creative, full of ambition and ideas that could be turned into lucrative careers. All they need is the 'seed' money. The phone-in example was an aspiring novelist! This assumption of an untapped well of great ideas and business acumen goes directly against my own life experience. Good business ideas are as rare as hen's teeth, and people with the single minded drive and work ethic to realise true business potential even rarer. On the other hand I've known dozens of youngsters with utterly unrealistic expectations of a career in film, tv, the wider media, music, computer games, 'rapping', writing, acting, sport etc. All 'glamour' jobs - that heady world of back bedroom fantasies - and all great places to quickly throw away ten grand finding out just how ferocious the competition is. Don't we all know the guy who spent four potless years after his degree trying to get his 'indie band' out of local pubs? Then decided to ditch his bass guitar, take a PGCE and get into even more debt, before becoming a geography teacher? Yes.......people are sometimes pushed into certain occupations, not because they are particularly good at it but because they see it as paying the most.......if someone has a talent for music or art, madness to force themselves into becoming a lawyer, banker or doctor......total waste of talent. Quote Link to comment Share on other sites More sharing options...
longgone Posted April 2, 2018 Share Posted April 2, 2018 17 minutes ago, winkie said: Yes.......people are sometimes pushed into certain occupations, not because they are particularly good at it but because they see it as paying the most.......if someone has a talent for music or art, madness to force themselves into becoming a lawyer, banker or doctor......total waste of talent. what if you have no talent ? EA mortgage adviser ? Quote Link to comment Share on other sites More sharing options...
winkie Posted April 2, 2018 Share Posted April 2, 2018 3 minutes ago, longgone said: what if you have no talent ? EA mortgage adviser ? .......they are in the wrong job. Quote Link to comment Share on other sites More sharing options...
longgone Posted April 2, 2018 Share Posted April 2, 2018 2 minutes ago, winkie said: .......they are in the wrong job. i know the feeling Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted April 2, 2018 Share Posted April 2, 2018 The main problem here is having such an exact cut off. 25 years old on the day of inception, £10,000; 25 years and one day, nothing. Tbf it's compensation for State retirement pension being moved back to 70 or over. If I was young, I think I might prefer less bread and circuses such as David Beckham degress at the University of Nowhere and all the welfare top ups and just have cheap houses and a decent retirement age target like it used to be. I guess high house prices and peak Education are too ingrained in the system now to go back. Quote Link to comment Share on other sites More sharing options...
Parkwell Posted April 2, 2018 Share Posted April 2, 2018 If giving people free money is the answer then why stop at £10,000? It's chicken feed. Start at £50,000 and chuck in more if they say they really need it. How is this in any way shape or form a good idea? You've made it to 25 and not committed suicide due to the horrific state of your country. Well done. Here's some money to throw away on inflating house prices. Keep your banker well fed. Have a pop tart. Giving away a ****** tonne of money for nothing is a policy for very desperate unimaginative people. Especially when we could simply reduce house prices and the cost of living as a whole. Make work pay and an attractive alternative to benefits. Stop wasting tax money on rentiers through housing benefit and PFI and bank props and god knows what else. We are entering the end game if this stuff is taken seriously. Quote Link to comment Share on other sites More sharing options...
nome Posted April 2, 2018 Share Posted April 2, 2018 Once again I find myself in ''Generation Shafted'' being in my early 40's... Quote Link to comment Share on other sites More sharing options...
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