In the UK is this REALLY a social discussion?

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In the UK is this REALLY a social discussion?

Post by LovelyLadyLux »

This was an article I came upon this morning during my reading.........is it REALLY a social discussion there to start paying Millennials $$ ? If you DO this will ripple across the world asap and I can just feel all my own $$ floating out and into the pockets of all the deadbeats & druggies who have multiple reasons to remain a blight on society today.

The article:

Should young people in the United Kingdom be given £10,000 ($13,500) when they turn 25? A top think tank says yes.

The proposal from the Resolution Foundation is one of a number of suggestions for reducing inequality between the young and old.

British millennials and their peers in other developed countries have fallen behind older generations when it comes to wealth, income and home ownership, a trend that politicians have been slow to address in the wake of the global financial crisis.

"We need not just some tinkering, but some big and dramatic solutions," said Matt Whittaker, deputy director at the Resolution Foundation.

The £10,000 payment would come with strings attached: Young people would only be allowed to spend it on developing new skills, entrepreneurship, housing or pensions. The payments would cost an estimated £7 billion ($9.5 billion) per year and would be financed by an overhaul of the inheritance tax system.

The researchers suggested dozens of other changes to improve UK housing, education, health care and the employment market in a bid to give young people a boost. They would control rent levels, improve apprenticeship programs and dramatically lower taxes on home purchases.

"We built it as a package. The idea is that doing one of these without the other would be good, but not as good," said Whittaker.

Brits born during the 1980s and 1990s have faced tough economic challenges since the Great Recession, including an unusual slowdown in wage growth and higher housing costs.

Resolution Foundation research shows that Brits have typically earned more than generations that came before. But the trend stopped with millennials, who are earning less than Generation X — those born between 1966 and 1980.

"This stalling of generational pay progress is unprecedented," the researchers said.

Britain's vote to leave the European Union, which caused inflation to spike, won't help matters. The Resolution Foundation said that when inflation is taken into account, it will take nearly two decades for pay to return to its peak from before the recession.

But would the changes, including the extra £10,000, be enough?

Kay Neufeld, an economist at the Centre for Economics and Business Research, said the payment would be "a massive leg up."

"I think it would change a lot for a lot of people," he said, adding that it could make home ownership feel within reach, or encourage someone to go to college.

A spokesperson for the government said it welcomed the report from the Resolution Foundation, and described the gap between generations as "one of the key challenges of our time." The spokesperson declined to say whether proposals in the report would be considered.

Tom Selby, an analyst at stockbroker AJ Bell, said that politicians wouldn't be attracted to the suggestions because they might hurt seniors.

"Many of the ideas aren't new and face the same barrier as other reforms -- namely the reality of politics," he said.
Fix the economy first

Still, the policy suggestions would not address other structural problems in the UK economy, including slow productivity.

"If we could fix the productivity problem then it would make a lot of the problems that we highlight easier to deal with," said Whittaker.

Yael Selfin, chief economist at KPMG, said the ultimate goal should be a more productive economy.

"The future lies in stronger growth and making sure that young workers are equipped to be more productive, and hopefully earnings will rise," she said.


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Re: In the UK is this REALLY a social discussion?

Post by Horus »

Utter tripe, every generation has faced some sort of fiscal problems, what is so different or special about this one?
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Re: In the UK is this REALLY a social discussion?

Post by Ruby Slippers »

What's different about this one, Horus, is that they want to pay for it by taxing pensions! :stp
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Re: In the UK is this REALLY a social discussion?

Post by Horus »

That's what I mean, why does everyone else think that anyone drawing a pension is getting something for nothing, I worked 50 odd years to qualify for anything I receive so I owe nobody anything, I earned or contributed to it all. And why do these people think that youngsters of today are worse off? no one ever gave me anything, I had to get off my arse and earn a living, most of the ones I see today have no gumption about them and expect everything handed to them on a plate, just another excuse from what is fast becomming a useless and lazy section of society, god help us if this is the generation we have to rely on in the future. 8)
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Re: In the UK is this REALLY a social discussion?

Post by LovelyLadyLux »

I'm in agreement with H on this one. I was on my own at 17. I lived in rooming houses, went to University on MY dime that I made by working in both a skuzzy biker type bar and retail store. I have a very strong sense that I worked for everything I have and am beholden to nobody. I worked for my pension and see no reason that my pension should be lessened.

If those nowadays want it then work for it.
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Re: In the UK is this REALLY a social discussion?

Post by Grandad »

@LovelyLadyLux
To answer your thread title LLL, yes it is.
It is a subject being discussed on the news programs with many pros and cons.
We on here seem to be in accord, but we are all of an age. As you and Horus have mentioned, we didn't have everything on a plate and had to work for it.
I can envisage a scenario that goes like this: A young man and his girlfriend, both 25, live with his or her parents. They are both graduates but are both in work in jobs that do not fit their degree qualifications. They each have around £50,000 debt from student tuition fees and loans.

They both claim their £10,000 and use £15,000 of it as 5% deposit against a £300,000 new build home (the government contributes 20%, £60,000 under the help to buy new build homes scheme for first time buyers)

They now have a mortgage for £225,000 plus £100,000 student fees and loans. After 5 years they start to pay 1.7% interest on the government loan and if they sell the house the government will take 20% of the sale price even if the value has increased significantly.

To me this is not the way for a young couple to start a life together. In my opinion they should improve their job situation if possible. Stay with mum and dad, save like crazy until you have a significant savings. Claim the £10,000 each and get on the housing ladder but steer clear of the government help to buy scheme that I think is a short term incentive.

There is a distinct lack of a will to work among young people in general. That is why so many from abroad and in particular eastern Europe, come here and work hard.
:gg:
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Re: In the UK is this REALLY a social discussion?

Post by Horus »

There is a distinct lack of a will to work among young people in general. That is why so many from abroad and in particular eastern Europe, come here and work hard.
Dead right, I have never come across a generation less inclined to work than this current one, in the main they seem to be endemically lazy.
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Re: In the UK is this REALLY a social discussion?

Post by Mad Dilys »

I blame the parents, why not? They get blamed for everything else! 8)

Seriously I think that the post war generation of course had less luxury available and hence when they started families they wanted to give the children what they didn't have, little realising that the children as all children do expect more than they get.

I remember being told when I was young that "Today's luxuries are tomorrows necessities." At the time we had no washing machine, but we did have a mangle. We had floor boards and rugs, no fitted carpets. My parents got 14 days holiday a year, and being a policeman and a nurse automatically worked bank holidays. We always went to visit my father's family for our summer holiday and my mother got a change of sink, but we learned how to work, be respectable and enjoy ourselves. I'm so glad I was born then and not later. :up
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Re: In the UK is this REALLY a social discussion?

Post by Grandad »

Mad Dilys wrote: I'm so glad I was born then and not later. :up
Me too MD :up We didn't have a lot and, to be honest, we didn't expect a lot. As kids from the age of about 12 we would do a daily paper round or a saturday morning job in a local shop, for pocket money.
Holidays for us would be a couple of days on the bus to Whitstable for the day, the rest of school holidays we amused ourselves. The last week or two of summer holidays would be hop picking.
Probably fewer than 10% of school leavers went on to University. In those days you would be parent funded and it was out of reach of most parents. I think the emphasis on university these days is grossly overplayed with many graduates ending up with menial jobs that any 16 year old school leaver could do. (But don't get me on that subject. Living in the midst of student land, I have some strong views and observations ;) )

Some of you may have been watching the 20th Anniversary reprise of 'Who Wants to be a Millionaire?' This is every night for one week only and all contestants so far have been from the younger element by which I mean under forty. I have been amazed at their total lack of current affairs and general knowledge and most have only just scraped by to win £1000.

It seems to me that this younger generation do not read newspapers or watch TV news or current affairs because they are ignorant of every day knowledge.
:gg:
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Re: In the UK is this REALLY a social discussion?

Post by Mad Dilys »

Couldn't agree more Grandad. It came as a surprise to me that as a new teenager my grandson had no idea how to use a land line to order a taxi, and had no idea of the way to school a 15 minute drive away - because as soon as he got in the car out came his phone.

His mother and I had a quick chat and it's now his job when visiting us to order the taxi, using the landline. Going to school has time limits but coming home having given him a week's notice to get the lie of the land, he has to instruct her where to go. He started with 100 points and loses 5 for each mistake over a week. Next thing was map reading, he understood perfectly that this was to make him more independent and enjoyed getting the practice. He does chores by the way. ;)
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Re: In the UK is this REALLY a social discussion?

Post by Horus »

Well done MD, I despair at the lack of any real world experience of todays generation, everything is digital or controlled by an 'App' and as for them constantly having their faces stuck into a mobile phone. :x
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Re: In the UK is this REALLY a social discussion?

Post by LovelyLadyLux »

It amazes me that it is even a discussion that an entire generation of people might even remotely THINK they're entitled so something, anything that somebody else has worked for even if only by way of getting it through what we've paid in taxes! It is crazy.

I feel bad for many who go to University and end up taking courses and programs that might have been super interested but provided little by way of hand on practical knowledge that will help you land a job.

Here we have on-going rather fun discussions about what is going to happen with the twins. They are sucking up knowledge insatiably. The youngest cannot walk past any sort of encyclopedia type book without stopping and reading it down.

All the kids in their class (and I don't know real specifics) need to pick a person (or identity) of a person to do a project on. Lots of the kids picked characters such as Spiderman, Batman, Star Trek characters while the youngest twin picked his present hero - Leonardo da Vinci!!! AND he can relate & explain his inventions, discoveries, thoughts, drawing etc etc etc. Not too sure where he found the book on him but the teacher herself wasn't prepared for him to pick THAT particular person (am sure she had to read up herself)!

Anyway - I digress but IF the UK happens to flip out so much as $1 to any of these Millennials I'm afraid that will launch a world wide cry of "I'm a victim" and "I need mega $$$ too to be able to cope." Just kinda wonder when or IF this vying for handouts will ever end? I don't think as a young person it ever crossed my mind that somebody or Gov't would GIVE me something.
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