UK Government Targets Baby Boomers' Wealth Amid Financial Crisis
The UK government is targeting baby boomers' wealth through property and pension taxes to address financial shortfalls. This move aims to shift council tax and stamp duty land tax (SDLT) burdens toward more expensive homes, encouraging transactions that boost labor mobility and economic growth. However, older UK residents face resistance due to emotional ties to their homes and limited availability of suitable smaller properties. Despite potential economic benefits, many boomers prefer to retire early and cash out, with their wealth accumulation tied to their generation's timing in the housing market. The government may resort to higher taxes if boomers fail to act collectively for the greater good.