Andrew Lewin

I absolutely understand that point, but there are many millions of people in this country who work just as hard but who, through no fault of their own, are not in a position to hand down tens of thousands of pounds to their children. If you will indulge me, Madam Deputy Speaker, I want to use the opportunity presented by this debate to talk a little bit about my own proposal on intergenerational fairness. I have a policy idea called the citizens advance, which I came up with a year or so ago. It is a policy offer that would give people the opportunity to move their lives forward irrespective of their background. This is how it would work: after 10 years in work—10 years of national insurance contributions—the state would say to people, “We’re going to give you a choice. You can keep your current state retirement age”—which for most young adults today is 68—“or you can put back your state retirement age by a year to 69, and in return, you will receive the value of one year of your state pension as a lump sum.” From April next year, that will be £13,000. That is my idea; I am very pleased that the Social Market Foundation has taken it on, and I encourage any Members who are interested to read its detailed and costed policy paper. I can assure my right hon. and hon. Friends on the Front Bench and in the Treasury that they will be hearing more from me on this subject in the weeks and months to come. I make that point because I want to engage seriously with the idea of intergenerational fairness, which is important to me and to many of my constituents.