Think tank proposes creation of a ‘wealth fund’ to address wealth inequality
The Institute for Public Policy Research (IPPR) has proposed the creation of a new wealth fund to help address ‘growing wealth inequality’.
The ‘Citizens’ Wealth Fund’ would give everyone a ‘stake in the UK economy’, the IPPR stated.
It also said that, from 2030, the fund could be large enough to pay all individuals aged 25 a one-off capital dividend of £10,000, which would effectively provide a ‘universal minimum inheritance’ for all.
The IPPR suggested that the Citizens’ Wealth Fund would be owned and run in the interests of UK citizens, and could be worth £186 billion by 2029/30.
Commenting on the matter, Carys Roberts, Senior Economist at the IPPR, said: ‘Who owns wealth and who will inherit wealth is becoming more important – increasingly so as the share of national income paid to people through wages declines.
‘A Citizens’ Wealth Fund would enable citizens to collectively own a proportion of our national wealth, and make sure everyone benefits from rising returns to capital, not just people who will inherit or who already own assets.’