Magazine article Public Finance

Call for More Asset-Based Welfare

Magazine article Public Finance

Call for More Asset-Based Welfare

Article excerpt

Ministers should explore new ways of using individuals' assets, such as housing and other inheritances, to help fund future welfare reforms, a leading thinktank has claimed.

The Centre for Asset-Based Welfare, part of the Institute for Public Policy Research, this week launched a campaign to influence politicians and civil servants seeking solutions to Britain's widening wealth inequalities.

It wants ministers to build on the early success of Labour s child trust funds - which use state payments to kick-start regular savings programmes for children - to deliver policies that could reduce wealth inequalities.

It called on the likes of the Treasury and the Department for Work and Pensions to research ways of using other universal capital grants to complement future welfare spending.

The Institute for Fiscal Studies recently claimed that individuals could use housing assets to part-fund their retirement, while the IPPR has called for more research into other 'matched funding' arrangements that could improve savings rates among lowerincome households. …

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