Reports suggesting Rachel Reeves is considering plundering their wealth suggest it is time for Boomers to rise up in revolt. Why should they be pushed into downsizing by hefty new property sales taxes and big increases in council tax, selling family homes in familiar places where they have friends and family? They may live in £1m plus houses, though that doesn’t get you all that much these day in large parts of London, and while they may be comfortably off, it doesn’t follow that they are rich as Croesus. So loading council tax inordinantly would in many cases seem unfair. Any suggestion that, however they choose to use their remaining time, their considerable overall spending power is not contributing to economic growth is fatuous. But they may exercise a modicum of caution. Many Boomers wind up paying heavily for late life care, If so, any accumulated wealth is saving local authorities huge amounts. They can reasonably argue they have they already contributed significantly more to public coffers than those in places where living costs are lower. And many have dispensed large amounts through the so called Bank of Mum & Dad – to help offspring on to the property ladder or to move up it, freeing by another means some badly needed smaller accomodation.
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