How giving inheritance to grandchildren when you’re alive helps to reduce intergenerational inequality

The row over whether those claiming the State pension should be given an annual uplift of what’s likely to be around 8 per cent is not just about how much it will cost the Treasury to deliver.

No, this is about fairness, particularly the perception among the young that the old had a golden set of financial advantages where they have none. The “blessed” baby boomers, on the other hand, feel seriously hacked off that they are considered a cash machine for shoring up the massively underfunded public purse.

The reality is, both factions are right and justified in the way they feel about it. Baby boomers had the opportunity to access university grants, today’s undergraduates must rack up tens of thousands of pounds in student debt to pay for fees nearing £10,000 a year.