Labour’s tax and spending hikes will punish Millenials much harder than Tories, new study shows

LABOUR’S tax and spending hikes will punish Generation X-ers and Millenials much harder than the Tories, new analysis shows.

The younger generations are the “biggest losers” under Labour’s tax and benefit plans, experts found.

The Resolution Foundation think tank found 30 and 40 somethings would see their income plunge by £760 under Labour compared to £390 under a Tory Government.

And the younger Millenials – born after 1980 – would lose out by £580 if Jeremy Corbyn gets into Downing Street but only £475 if Theresa May is crowned PM next week.

Resolution Foundation spokeswoman Laura Gardiner said analysis of both parties’ manifestoes showed younger voters would bear the “biggest burden in the years ahead”.

She said despite both Tory and Labour trying to address inequality between generations, the youngest “remained the big losers” when it comes to tax and benefits.

She added: “Millennials face significant income losses, whichever party wins the election.

“Under both parties, millennials are set to face losses of around £500 a year by the end of the parliament, largely as a result of continuing to roll out George Osborne’s benefit cuts.

“Younger voters will be encouraged that their interests have at last made an appearance in the political debate, but disappointed that they still look set to bear the biggest burden in the years ahead.

“It is it is imperative that whoever takes power next month thinks again about how it supports working families.”

The analysis found Labour’s plans to keep winter fuel payments and protect the pensions triple lock put more pressure on people of working age.

And their promise to scrap tuition fees, at a cost of £11.2billion, will “overwhelmingly benefit” higher earning generations – especially later on in their careers.

But Tory plans to ask older people to pay for their care from the value of their house shifted some of the burden from the young.