- Andy Burnham, the prime minister-in-waiting, is developing a major policy package to address the generational wealth gap, specifically targeting Gen Z voters with initiatives to aid homeownership and reduce living costs.
- A central proposal involves exempting young people from income tax for their first three years of full-time employment, a measure estimated to cost £3.5bn, designed to help them accumulate savings for a house deposit.
- The package also includes plans for rent-to-buy schemes and the nationwide expansion of Manchester's public transport model, which provides free or reduced travel for individuals aged 18 to 25.
- Burnham is committed to implementing the largest social housing building programme since the Second World War and reforming the education system to offer more technical qualifications and apprenticeships for young people.
- Despite concerns from tax experts regarding funding and a £4.7bn defence spending shortfall, Burnham intends to finance these policies through measures such as taxing large corporations, while maintaining existing fiscal rules and avoiding increases to VAT, income tax, or national insurance contributions.
IN FULL
