Target wealthy baby boomers, says Tory peer

Lord Willetts pushes measures to prevent a 15p rise in income tax being imposed on the younger generation

A senior Conservative is to urge Theresa May to target the wealth of baby boomers to prevent their children's generation being forced to stomach a 15p rise in income tax to cover the spiralling cost of healthcare, education and welfare.

Former minister David Willetts will argue that public spending on the three areas is due to rise by 60bn a year by 2040, which could be funded by either taxing the homes of wealthy pensioners or by squeezing younger people's take-home pay.