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Research to Policy seminars - Intergenerational Relations in Challenging Times

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Chaired by Clive Bolton, ILC-UK Advisor, this seminar presents a range of perspectives on intergenerational relations, seeking to stimulate a debate that is better grounded in and informed by the available evidence.

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Research to Policy seminars - Intergenerational Relations in Challenging Times

  1. 1. A Research to Policy Seminar: Intergenerational Relations in Challenging Times Thursday 27th September 2018 This event is kindly supported by Newcastle University's Institute for Ageing @NCLAgeing @ILCUK #intergenerationalrelations
  2. 2. Welcome Clive Bolton ILC-UK Advisor This event is kindly supported by Newcastle University's Institute for Ageing @NCLAgeing @ILCUK #intergenerationalrelations
  3. 3. Thomas Scharf FAcSS, Institute of Health & Society, and Newcastle University Institute for Ageing 'Intergenerational Solidarity under Threat? Perspectives from Ireland’ This event is kindly supported by Newcastle University's Institute for Ageing @NCLAgeing @ILCUK #intergenerationalrelations
  4. 4. Outline • Contextualising debates on intergenerational relations - Public discourse - Research perspectives • Changing Generations project in Ireland (2011-2013) - Research questions - Methods • Selected findings from interviews with ‘ordinary’ citizens and with ‘powerbrokers’ • Four key messages for research and public policy
  5. 5. Intergenerational relations under the spotlight
  6. 6. Intergenerational relations: research perspectives Structural Associational Affectual Consensual Normative Functional Public Private Public Private Family-level Solidarities Public and Private Solidarities (Bengtson and Roberts, 1991)
  7. 7. Changing Generations Broad aim: Through research, to inform citizens, policy makers and stakeholders and to facilitate dialogue in the interests of fostering intergenerational justice in Ireland Research questions: • How do people of different ages in Ireland think about and practice intergenerational solidarity? • How do people across and within generations help each other out in everyday life? • What is the inter-relationship between solidarity at family and societal levels? • Is age/generation a source of conflict in Irish society? • Do ‘ordinary’ people and ‘powerbrokers’ share similar views about intergenerational solidarity in Ireland?
  8. 8. Research methods: Interviews 100 ‘ordinary’ people Tell me about the help and support, if any, you are receiving from [and giving to] other people now … in the past… in the future In what ways do you think that you are contributing to Irish society? What do you see yourself receiving from the State? Do you think the State has got the balance right in sharing resources across different generations? What could change? 20 ‘powerbrokers’ Key positions of influence Public, private and civil society sectors Regarding intergenerational solidarity, asked about their: o Agenda o Views o Role
  9. 9. ‘Ordinary’ people sample SES Men (N = 46) Women (N = 54) Totals 18-25 years 26-50 years 51-74 years 75+ years 18-25 years 26-50 years 51-74 years 75+ years High 4 5 8 3 1 10 3 2 36 Middle 1 4 3 2 4 5 3 5 27 Low 6 4 5 1 6 6 4 5 37 Totals 11 13 16 6 11 21 10 12 100
  10. 10. Civil Society Sector Private Sector Public Sector Head of trade union Head of business confederation Former university president President of Christian charity Head of multi-national corporation Former prison governor Religious leader Veteran entrepreneur Former Taoiseach President of students’ organisation Young entrepreneur Research professor President of youth movement Former editor of daily national newspaper Former head of national agency Director of theatre company Assistant Secretary General of government department Director of older people’s organisation Judge Head of older people’s NGO 8 5 7 ‘Powerbrokers’ sample
  11. 11. Strong inter-generational solidarity • Deservingness of older people, arising from life- long contributions, featured prominently; but also additional justifications (lack of life chances in the past; expense of medical care) • The idea of taking from one generation in the interest of another barely featured (exception: the very well-off) • Pitting generations/age groups against each other in media, policy discussion or research poses choices that are not ‘real’ – but rather reflect crude and uninformed notions of solidarities/conflict
  12. 12. Cross-generational solidarity Noelle, Teenager, Middle SES, Retail Worker “[Older people] get the pensions but they work[ed] for it, it is their money. ... They have worked all their lives. ... They should be able to sit back and have no financial worries. ... Anyone over seventy ... they deserve a medical card in case anything ever did go wrong. ... If they didn’t have that, all their money would go on treatment. I think everyone should be entitled to a medical card over seventy.” Tommy, 70+, Middle SES, Retired Public Sector Worker “It is an old cliché, but it will cost more at the end of day if [disadvantaged] kids are not looked after properly...inner city and rundown areas...need extra help. That is where the big effort should be to eradicate a lot of that old stuff and try to bring everyone up a bit...I think it is terrible to see that they were going to cut down on teachers in those areas... [Helping children and young people in deprived areas] would be my priority.”
  13. 13. Family as key site of solidarity • Family a central, and in some cases the most important, ‘shock absorber’ for those affected by the recession • Examples: - ‘quick loans’ between family members - extensive childcare by grandparents - adult children moving back into parental homes - parents financing setting up of home - support and care-giving to elders • People without a family network found imagining a positive future for themselves more difficult • But participants’ views were strongly patterned by social class and income or wealth  Intergenerational solidarity kept families in Ireland afloat during economic recession
  14. 14. Class shaping intergenerational relations across the life course • Children in poor families witness hardship and want to help • Young people of lower socio-economic status often closing down options, e.g. education or travel, that are taken for granted by their better-off peers • They expressed commitment to ‘stay close by’ to be a supportive resource to their family Stacey, Teenager, Low SES, Unemployed “I have come home nights and listened to my mother crying over money…I just see her struggling so much like…I get paid [social welfare] the Tuesday and she gets paid on a Thursday, so if we are going shopping and she runs low or anything I just give her a few of my bob and then she will give it back to me on the Thursday. We help each other out that way. But it’s not actually [me giving], because she is giving it back to me.”
  15. 15. Intergenerational relations at community level • Also shaped by gender • Men tended to volunteer in organisations involved in ‘giving’ in a public, organised or ‘institutionalised’ way, particularly sports clubs • Women tended to have been involved in care giving within the extended family or at community level, for instance for neighbours or through meals-on-wheels Jimmy, 65-70, Middle SES, Public Sector Worker “There is nothing better than bringing a lad in. He walks in and he can hardly put one foot in front of another and then you see him twelve months later and he can stand up [tall] …. a lot of them will have self-esteem problems. … I would give them the benefit of my experience. Not just as a [sports] coach and all but as a person …”
  16. 16. Unfairness located elsewhere Locus of perceived unfairness seen as lying outside the intergenerational sphere. Directed at two different groups: 1. Politicians and (highly paid) public sector workers 2. Recipients of some welfare benefits Conflict and perceived unfairness as ‘inter-sectoral’ and ‘inter-class’ NOT ‘inter-generational’
  17. 17. Powerbroker perspectives Need for greater public awareness of: • Inter-generational solidarity across the life course and demographic ageing • Individuals needing to plan for their own future but also recognition that the State could do more Head of Trade Union “There is a distributional settlement to be achieved between people who are still working and people who are retired... There is a huge social crisis about to unfold I would say in relation to the pensions system.” Head of Multi-national Corporation “Private and public debt and that’s different from the [1980s] because it doesn’t just go away…I can’t really think of another developed country where that has been the case ... That’s a really, really big weight around our necks.”
  18. 18. • Intergenerational solidarity to play a key role in shaping Ireland’s future • Decisions taken during the crisis period to impact on future generations • However, no evidence of conflict between generations in interviews either with ‘powerbrokers’ or with ‘ordinary’ people living in Ireland • Cleavages residing in other spheres, e.g. trust in politicians Director of NGO “Whilst we think of trust in interpersonal terms, in actual fact in terms of a functioning society, trust between citizens and politicians, between institutions and the individuals those institutions are supposed to serve is what’s been most undermined in recent times.” Powerbroker perspectives
  19. 19. Four key messages Key Message 1 Little evidence in Ireland of inter-generational conflict, either within private or public spheres (in 2011-2013) Key Message 2 Considerable evidence that inter-generational solidarity within families helped people in Ireland survive recession Key Message 3 Socio-economic inequality, not intergenerational difference, a more significant cleavage between groups in Ireland Key Message 4 Commentators and policy makers should think twice before making case for actual or impending conflict between generations in Ireland
  20. 20. Further reading Conlon, C. et al. (2015) ‘Emergent reconstruction’ in grounded theory: learning from team-based interview research, Qualitative Research 15, 1: 39-56 Carney, G. et al. (2014) ‘Blessed are the young, for they shall inherit the national debt’: solidarity between generations in the Irish crisis, Critical Social Policy 34, 3: 312-32 Scharf, T. et al. (2013) Changing Generations: findings from new research on intergenerational relations in Ireland, Galway: ICSG and Dublin: SPARC Conlon, C. et al. (2014) Women (re)negotiating care across family generations, Gender & Society 28, 5: 729-51 Timonen, V. et al. (2013) Family, state, class and solidarity: re-conceptualising intergenerational solidarity through the grounded theory approach, European Journal of Ageing 10, 3: 171-9
  21. 21. Dr. Suzanne Moffatt, Dr Josephine Wildman, Research Associate, Institute of Health and Society Newcastle University ‘Intergenerational relations in turbulent times: narratives from Scotland and North East England during austerity’
  22. 22. Intergenerational equity in austere times: narratives from Tyneside and Edinburgh Suzanne Moffatt, Josephine Wildman, Anna Goulding, Thomas Scharf & Alison Stenning International Longevity Centre - UK Research to Policy Seminar, September 27, 2018 Study funded by Newcastle University Institute of Ageing and Newcastle University Institute for Social Renewal
  23. 23. Intergenerational (un)fairness is… “the great new frontier in economic and social policy making, in which age- group cleavages are perceived as having new and perhaps primary significance” (Alexander Shaw, Foundation for European Progressive Studies Report, 2018)
  24. 24. The intergenerational equity debate is a conversation about, not with, people. (Alexander Shaw, 2018)
  25. 25. Research aim To explore intergenerational relations across the life course in Edinburgh andTyneside in the ‘age of austerity’ and post-’Brexit’
  26. 26. Tyneside (N=24) Edinburgh (N=16) Age range 19-81 23-85 Men 7 5 Women 17 11 Household income 11 6 Private renters 7 4 EU Referendum 21 (Remain) 0 (leave) 3 (other) 13 (remain) 3 (leave) Scottish Independence Referendum Yes (leave) 10 No (remain) 6 Selected Participant characteristics
  27. 27. Themes 1. Fragile state of the intergenerational social contract 2. Political becoming personal within families 3. Assigning blame and seeking solutions
  28. 28. Themes 1. Fragile state of the intergenerational social contract 2. Political becoming personal within families 3. Assigning blame and seeking solutions
  29. 29. The state of the intergenerational social contract • Widely-shared sense of a “scary” future I’m 36.Why have I not got a private pension? That’s scary. But I am paying my National Insurance Contributions. Come on government!That’s so naïve though, isn’t it? That’s so naïve. It’s not going to be there. There’s going to be nothing. (Isla, 36, Edinburgh)
  30. 30. Sites of vulnerability I think that lack of support to probably the 16 to 35 age group is gigantic – whether that’s in benefits, tax breaks, minimum wage, access to further and higher education, access to decent paid, secured jobs, housing, you name it. I think they are disproportionately affected in the most negative way. (Edith, 58, Edinburgh)
  31. 31. “…a prolonged adolescence” That’s the age, there’s no way anymore that you’re supposed to be a child at all, you’re supposed to be an adult in charge of your responsibilities and doing things. Actually, in the type of society which we live in, that’s not really possible anymore. It seems like there’s a whole load of expectations about what young people are or should be or should be aiming towards and actually for the vast majority, [it] is not attainable.” (Alex, 23, Edinburgh)
  32. 32. Themes 1. Fragile state of the intergenerational social contract 2. Political becoming personal within families 3. Assigning blame and seeking solutions
  33. 33. Political becoming personal … very well-padded as a generation … we are going to be far less catered-for as an older generation than our parents have been … And, yes, I’m a bit annoyed about it … Every time my parents mention, “Oh, our pensions.Oh we don’t’ get much” I get a wee bit annoyed because it’s like, well, we’re going to have even less. (Isla, 36, Edinburgh) [I feel] a bit angry in some ways, but only because I’ve seen my parents’ generation be able to do it … but it does get your goat a little bit … we work as hard, we’re going to work longer and we’re not going to get as much as the previous generation did and they didn’t do any more than we have. (Ben, 50,Tyne andWear)
  34. 34. Political becoming personal … you resent it … there is a resentment there … you don’t count the pennies when it’s your kids, but you always know that you’re struggling (Alice, 56,Tyne and Wear)
  35. 35. A ‘symbolic threat’ from the ‘Brexit generation’ … it's been a massive bone of contention with my parents because they voted to leave and, yes, it's caused quite some ill feeling … … I think my parents just thought, “Well we’ll have less foreign people in this country if we vote out.” I think they’ve got quite some old-fashioned views on that, whereas I quite like all the diversity …They’re not keen on foreign people being in their country and I think that’s a real shame. We've had so many arguments about it. (Ingrid, 41,Tyne and Wear)
  36. 36. Themes 1. Fragile state of the intergenerational social contract 2. Political becoming personal within families 3. Assigning blame and seeking solutions
  37. 37. Who is to blame? The “social ignorance” (Grace, 58,Tyne and Wear) of a remote state …you can’t take all the population as one model, with the same money.Things are not the same for each group. (Callum, 76, Edinburgh) … need to look at the real picture rather than just seeing that the older generation are older, so they need this. Realising what zero-hour contracts and temporary contracts and apprenticeship wages actually means in real-life terms … (Colin, 26,Tyne and Wear)
  38. 38. What is the solution? I would like Scotland to have independence … I would like all different parts of the country to have their independence. I think there are too many decisions made by London. I don’t think they realise how difficult it is for some people, I really don’t. They’re not living the lives that our people are living here and other parts of the country. (Clare, 53, Edinburgh)
  39. 39. What is the solution? • More social spending on all age groups • Closer communities … there was the whole thing of people being really cross that older people were allowed to vote because they’re in the last bit of their life and leave us to pick up the pieces, but I do think there’s an issue with ‘them and us’ as well.We’re all people together and I think maybe if there was a little bit more mingling between the generations, we’d just see each other as people … and maybe it would actually help people to understand each other a bit better as well. (Florence, 29,Tyne andWear)
  40. 40. ‘Familial welfare state’ is not the solution … we’re basically working class, almost poverty- like, people, my property is what’s going to save me from the work house. My son’s not going to have that. He’s not going to inherit, because I have to live on it. But he can’t get on the housing ladder … my heart breaks for him because there’s no money in our family. (Grace, 58,Tyne and Wear) Norman Lamont, Daily Mail, 19 October 2017
  41. 41. Conclusions • An awareness of the “alternative causal stories” beyond intergenerational inequity (Alexander Shaw, 2018). • Older generations not the focus of blame, rather blame was attributed to ‘socially ignorant’ policy choices. • Far from supporting the ‘rolling back’ of the state, participants favoured collective mutually-beneficial solutions, particularly through strengthened intergenerational communities. • Risk of increasing inequalities thorough an over-reliance on the ‘familial welfare state’ for those whose families are unable or unwilling to support them.
  42. 42. • Call for ‘New Generational Contract’ (Resolution Foundation, 2018) suggests the plight of the young may be becoming harder for policy makers to ignore. • The wide-spread perception of young people in crisis (a ‘sacrificed generation’) might indicate the arrival of a transformative breaking point point – the moment at which which things are forced to change (Alexander Shaw, 2018).
  43. 43. A ‘youth-quake’*? Politicians are starting to realise that we are an untapped source of potential votes … just the fact that we are quite loud, generally, as a generation. We are protesting. We have got a massive online presence, which is definitely starting to come to the forefront of politics. Since all of us are on social media, we are signing online petitions and sharing them everywhere. That is what is really starting to get people’s attention. (Luke, 19, student,Tyne and Wear) *youth-quake (noun): a significant cultural, political, or social change arising from the actions or influence of young people.
  44. 44. Fahmida Rahman Researcher The Resolution Foundation ‘Towards a new generational contract’ This event is kindly supported by funder #tag
  45. 45. . A new generational contract . Fahmida Rahman 27 September 2018 @fahmidarahman @resfoundation
  46. 46. 47 Pay has fallen back, with millennials hit the hardest… Median real weekly employee pay (CPIH-adjusted to 2017 prices), by age and cohort: UK, 1975-2017 Notes: See notes to Figure 2 in: L Gardiner & P Gregg, Study, Work, Progress, Repeat? How and why pay and progression outcomes have differed across cohorts, Resolution Foundation, February 2017 Source: RF analysis of ONS, Labour Force Survey; ONS, Annual Survey of Hours and Earnings; ONS, New Earnings Survey Panel Dataset
  47. 47. 48 The structure of the labour market has changed… Proportion of those in employment working part time, by age, sex and generation: UK, 1992-2017 Notes: Data are smoothed using a three-year rolling average over the age range. Source: RF analysis of ONS, Labour Force Survey
  48. 48. 49 …today’s young adults are bearing more risk than previous generations… Self-employment as a share of all employment, by age and educational attainment: UK Notes: Data are smoothed using a three-year rolling average over the age range. Source: RF analysis of ONS, Labour Force Survey
  49. 49. 50 …and they are moving jobs less frequently, with implications for their pay Proportion voluntarily moving from one job to another each year, by age and generation: UK, 1992-2017 Notes: Data are smoothed using a three-year rolling average over the age range. Source: RF analysis of ONS, Labour Force Survey
  50. 50. A £1 billion ‘Better Jobs Deal’ A right to regular hours for those on zero-hours contracts; minimum notice periods for shifts £1.5 billion for technical education Making work more secure Avoiding lasting damage from the crisis Restarting skills progress Reducing jobs market risks and restarting progression funded by cancelling 1p of 2020 corporation tax cut
  51. 51. 52 Housing
  52. 52. 53 There have been huge generational declines in home ownership… Home ownership rates, by age and generation: UK: 1961-2017 Notes: See notes to Figure 3 in: A Corlett & L Judge, Home Affront: Housing across the generations, Resolution Foundation, September 2017 Source: RF analysis of ONS, Family Expenditure Survey; ONS, Labour Force Survey
  53. 53. 54 …meaning more and more people are renting in the private sector… Rates of private renting, by age and generation: UK, 1961-2017 Notes: See notes to Figure 10 in: A Corlett & L Judge, Home Affront: Housing across the generations, Resolution Foundation, September 2017 Source: RF analysis of ONS, Family Expenditure Survey; ONS, Labour Force Survey
  54. 54. 55 And they are paying more for the ‘privilege’… Proportion of net income spent on housing costs, by generation: GB, 1961-2016 Note: This analysis refers to households, not families as in our analysis of tenure. See notes to Figure 20 in: A Corlett & L Judge, Home Affront: Housing across the generations, Resolution Foundation, September 2017 Source: RF analysis of IFS, Households Below Average Income; DWP, Family Resources Survey
  55. 55. Replace council tax with a progressive property tax with surcharges on second and empty properties raising an additional £5 billion Indeterminate tenancies; and limit rent increases to inflation for three-year periods Halve stamp duty at a cost of £2.7 billion set against new property tax; and a time-limited capital gains tax cut for sales to first-time buyers Reducing insecurity Rebalancing demand Increasing supply Providing immediate security while addressing our housing crisis Community land auctions; and a £1.7 billion building precept
  56. 56. 57 Pensions
  57. 57. 58 Average pensioner incomes are now higher than working-age incomes… Real household net annual income after housing costs (CPI-AHC-adjusted to 2017 prices), by life stage: UK Notes: ‘p20’ refers to incomes at the 20th percentile within each age group; ‘p80’ refers to incomes at the 80th percentile within each age group. Dotted lines show 2016-17 nowcast. Incomes are equivalised to account for differences in household size. See notes to Figure 1 in: As good as it gets? (Intergenerational Commission report 12) Source: RF analysis of DWP, Family Resources Survey; RF nowcast
  58. 58. 59 But younger cohorts are likely to loose out from the new State Pension reforms Impact of the new State Pension reforms compared to the system they replaced across life in retirement, by year of birth: UK, 2020-60 Source: RF analysis of DWP, Impact of new State Pension (nSP) on an individual’s pension entitlement – longer term effects of nSP, January 2016
  59. 59. 60 The success of ‘auto-enrolment’ is cause for optimism… Occupational pension scheme membership among male private sector employees, by age and cohort: GB, 1997-2016 Source: RF analysis of ONS, Annual Survey of Hours and Earnings
  60. 60. 61 … but in a DC world the saver bears all the risk Longevity Investment returns two-in-five chance that two men aged 65 today live to ages at least 10 years different to one another A reduction in the RoR modelled on the previous slide by 1ppt (from 3.6% to 2.6%) causes annual pension income to fall by 8%
  61. 61. Flatten pensions tax reliefs Auto-enrolment for low earners and the self-employed A legislative framework for new ‘collective defined contribution’ pensions to better share risk Increasing saving Sharing risk A default track to a guaranteed later life income Reducing risks around younger generations’ pensions
  62. 62. 63 The big picture
  63. 63. 64 Generational income progress has stalled, and the young were hit the hardest… Median real household annual net income after housing costs (CPI-AHC-adjusted to 2017 prices), by generation: GB, 1961-2016 Notes: Incomes are equivalised to account for differences in household size. See notes to Figure 2 in: A Corlett, As time goes by: Shifting incomes and inequality between and within generations, Resolution Foundation, February 2017 Source: RF analysis of IFS, Households Below Average Income; DWP, Family Resources Survey
  64. 64. 65 … and changes to the benefit system have added to problems Mean change in annual net family income from tax and benefit policy changes implemented during the current parliament, by age: 2022-23 Notes: Income is measured before housing costs, and expressed in cash terms. See notes to Figure 1 in: G Bangham, D Finch & T Phillips, A welfare generation: Lifetime welfare transfers between generations, Resolution Foundation, February 2018 Source: RF analysis using the IPPR tax-benefit model
  65. 65. 66 Wealth is increasingly held by older generations Proportion of total household wealth and population by generation, 2014-16 Notes: Excludes physical wealth. Source: RF analysis of ONS, Wealth and Assets Survey
  66. 66. 67 …and wealth gaps within cohorts are rising Percentiles of real family total net wealth per adult (CPIH-adjusted to 2017 prices), by cohort: GB, 2006-2016 Notes: Excludes physical wealth. ‘p25’ refers to incomes at the 25th percentile within each age group; ‘p50’ refers to incomes at the 50th percentile (the median) within each age group; ‘p75’ refers to incomes at the 75th percentile within each age group. Source: RF analysis of ONS, Wealth and Assets Survey
  67. 67. Lift the benefits freeze a year early, uprating working-age benefits in line with inflation in April 2019 A £10,000 ‘citizen’s inheritance’ to be spent on housing, pensions, education & training or entrepreneurship, set against lifetime receipts tax A tax system fit for the 21st century Restoring the idea of asset accumulation Boosting security today and preparing for tomorrow’s challenges Rebalancing the welfare state Abolish inheritance tax and replacing it with a lifetime receipts tax, raising an additional £5 billion from wealth taxation
  68. 68. 69 Not just about the young...
  69. 69. 70 The transition of the large baby boomer generation into old age is accelerating population ageing… Ratio of non-workers to workers: UK, 1961-2066 Notes: Estimates do not take account of the impact of Brexit on employment levels or the population. Any large-scale impact on employment levels is likely to be temporary and this analysis looks to highlight long-term trends. Source: Resolution Foundation analysis using: Bank of England, Three centuries of macroeconomic data; ONS, 2014-based mid-year population estimates; ONS, 2014-based population projections; OBR, Economic and Fiscal Outlook, March 2016; OBR, Fiscal Sustainability Review, June 2015
  70. 70. 71 …putting pressure on public spending Historic and projected welfare spend as a proportion of GDP: UK Notes: Data for years prior to 1966 are presented as five-year rolling averages. Total spend is based on the categories used in Hills (2004), so does not map precisely to HM Treasury and Office for Budget Responsibility totals. Source: RF analysis of OBR, Fiscal Sustainability Report – January 2017, January 2017; HMT, Public Expenditure Statistical Analyses; J Hills, Inequality and the State, Oxford University Press, October 2004
  71. 71. 72 Cutting welfare provision would represent a breach of the generational contract – it’s a key worry in Britain… • Cutting health and care provision would hit older generations at a stage of life when it is difficult to adapt • Turning to the usual taxes on income and consumption would bear down on millennials first • Increasing debt would just pass the costs on to younger generations and those not yet born
  72. 72. 73 Instead, consider that wealth taxation has not kept up with the growth and ‘ageing’ of Britain’s wealth Aggregate wealth and wealth-related taxes as proportions of GDP: GB/UK Notes: Total household net wealth covers Great Britain; tax and GDP data cover the UK. See notes to Figure 1 in: Home affairs (Intergenerational Commission report 18) Source: RF analysis of ONS, Wealth in Great Britain; ISER, British Household Panel Survey; ONS, UK National Accounts; D Blake & J Orszag, ‘Annual estimates of personal wealth holdings in the United Kingdom since 1948’, Applied Financial Economics, 9, 1999; OECD.Stat
  73. 73. Increase public funding by 2.3 billion, raised through reformed property taxation A £2.3 billion ‘NHS levy’ via National Insurance on the earnings of those above State Pension age and limited National Insurance on occupational pension income. Sustaining the NHS Breaking the deadlock on social care Funding health and care services in a generationally fair way Increase property-based contributions towards care costs, but with asset floors and cost caps so that no more than a quarter of assets can be depleted
  74. 74. . A new generational contract . Fahmida Rahman 20 June 2018 @fahmidarahman @resfoundation
  75. 75. Panel Debate and Q&A
  76. 76. A Research to Policy Seminar: Intergenerational Relations in Challenging Times Thursday 27th September 2018 This event is kindly supported by Newcastle University's Institute for Ageing @NCLAgeing @ILCUK #intergenerationalrelations