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Burnham considers tax breaks to bridge generational wealth gap

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleAndy Burnham, the prime minister-in-waiting, is considering a major policy package to address the generational wealth gap and support young people, particularly Gen Z. Key proposals include exempting young people from income tax for their first three years of full-time employment to help them save for house deposits, a plan estimated to cost £3.5bn. The package also features help with rent-to-buy schemes and the nationwide rollout of Manchester's public transport initiative, offering free or reduced travel for 18-25-year-olds. Burnham aims to tackle the 'rental trap' faced by Gen Z, who struggle with homeownership, and has committed to the “biggest council housebuilding programme since the post-war period”.Despite these ambitious plans, Burnham faces financial constraints, including a £4.7bn defence spending gap and pledges not to raise VAT, income tax, or national insurance, though he is considering a tax raid on large companies. In fullBurnham targets Gen Z voters with tax breaks to help them onto property ladderMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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