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Topics: Moody's| Office for Budget Responsibility
The cost of looking after the country's ageing population will become unsustainable unless younger generations work longer and pay higher taxes, analysis by PricewaterhouseCoopers (PwC) has found.
The accounting firm's research into the long-term health of the public finances comes a week ahead of an official study on the subject by the Office for Budget Responsibility (OBR).
It suggests government debts could hit 90% of GDP by 2050 unless the UK raises the retirement age to 70 and embarks on severe fiscal tightening.
While there are currently 3.6 working age people for every pension age person, this is set to fall to 2.4 people by 2050, PwC said. MORE...
The credit ratings agency Moody's Investors Service has downgraded Portugal's debt to junk status. It said there was a growing risk the country would need a second bail-out before it was ready to borrow money from financial markets again. MORE..
The government is urging lenders to offer "mates rates" to groups of friends who want to buy a house together to help more first-time buyers to get on to the property ladder. MORE...
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| Comment | Britons 'must retire at 70 to control public debt' - today's papers |
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Really!!!!
long overdue
Posted by: Incompetent Regulators Awards Team
Maybe PwC could do different
What about Price Waterhouse Cooper spending less effort on tax avoidance schemes, so that the elderly are properly looked after?
Posted by: Der Krobsen
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And on that cheerful note...
I’ll be dead by 2050 so I guess I won’t have to worry that much. But it does highlight 2 points. 1. Unless the younger generation make some serious efforts to get healthy they are going to be the first generation not to be as long lived as their parents. That will skew the figures. People of my generation are pretty healthy on average. We all know that 60 is the new 45 in many cases – so what’s wrong in this case to working till you’re 70? Anyway who said working full time? Many will work part time. 2. If the prognosis in the article does come to pass – and these long term forecasts rarely do – then the advice that I have been giving everyone under 40 is even more robust. Emigrate now!
Posted by: harry Katz