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Leave wealth to the grandchildren to ease housing crisis - minister

Published 09/10/2016

Housing minister Gavin Barwell says his mother has 'disinherited' him and his brother and left her assets to her grandchildren
Housing minister Gavin Barwell says his mother has 'disinherited' him and his brother and left her assets to her grandchildren

Inheritance should skip a generation, with people leaving their wealth to their grandchildren, the housing minister has said.

Gavin Barwell said the idea would help ease the housing crisis and combat inter-generational unfairness, the Daily Telegraph said.

The newspaper said Mr Barwell revealed his mother would be leaving her estate and £750,000 home to his sons.

"There is a job here to make very strongly the moral case to people about why these homes are needed," he said.

"There is a profound inter-generational unfairness that has been created by this policy over a number of years.

"I have got a nice home, I have got three kids and my mother has just disinherited my brother and I in order that she can pass her assets on to her five grandchildren. They will be OK," he told the Daily Telegraph.

Asked if others should think about transferring wealth this way, he told the newspaper: "Yes, absolutely. Generally in life we all like to think that our children are going to be better off than us.

"In terms of life expectancy and new technology, they are going to be. But at the moment as things stand they are less likely to own their own home and we need to do something about that."

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From Belfast Telegraph