Work and Pensions Committee – intergenerational fairness inquiry: written evidence
Working paper
Abstract
Executive Summary: The overall effect of the 2010-15 Coalition Government’s tax and benefit policies was regressive ; Children were hardest hit by policy changes, along with those in their 30s and early 40s ; The greatest beneficiaries from changes to taxes were those in their early 60s, but those in their 20s also benefited ; The gains that the over-65s accrued from the “triple-lock” on pensions were partly offset by cuts to other benefits, which particularly affected older pensioners ; Looking at the picture that would emerge in 2020/21 one finds that losses suffered by children would intensify, whilst those over 65 would lose out due to loss of benefits outweighing any gains from the triple-lock ; Across Europe the elderly have tended to have larger gains (or smaller losses) – this is the case in the UK, although the indexation employed has a significant effect on outcomes.
