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UK faces 'crippling' tax rises and spending cuts to fund pensions and healthcare
Telegraph ^ | March 13, 2014 | Szu Ping Chan

Posted on 03/13/2014 10:03:12 PM PDT by Vince Ferrer

Britain faces “crippling” tax rises and spending cuts if it is to meet the needs of an ageing population, according to the Institute of Economic Affairs. The IEA calculated the Government would need to slash spending by more than a quarter or impose significant tax hikes because official calculations had failed to factor in future pension and healthcare liabilities. “As populations age, tax bases will grow more slowly while government spending rises faster,” its report said. In a stark warning, the think-tank said Britain faced tax rises within just two years equivalent to more than 17pc of GDP – more than £300bn - in order to meet all future spending commitments. This is larger than the entire annual NHS budget and would increase taxes from 38pc to 55pc of national income. Philip Booth, the IEA’s programme director, said tax increases of this magnitude would be “impossible” to implement “without choking off economic growth and actually reducing tax revenues. “The underlying problem is that successive governments have made promises which can simply not be honoured from the existing tax base. The electorate is grazing a fiscal commons at the expense of future generations,” he said.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: News/Current Events; United Kingdom
KEYWORDS:
For too long people have voted themselves benefits to be paid for by the next generation of taxpayers, not by sacrifices that they will make themselves.”
1 posted on 03/13/2014 10:03:12 PM PDT by Vince Ferrer
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To: Vince Ferrer

Guess it’s time to sacrifice the Institute of Economic Affairs, yes?


2 posted on 03/13/2014 10:19:29 PM PDT by Olog-hai
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To: Vince Ferrer
to fund pensions and healthcare

and windmills.

3 posted on 03/13/2014 10:24:47 PM PDT by Rocky (The further a society drifts from the truth, the more it will hate those who speak it. George Orwell)
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To: Vince Ferrer

Abortion: You bought it, you own it.


4 posted on 03/13/2014 10:26:20 PM PDT by UnbelievingScumOnTheOtherSide (HELL, NO! BE UNGOVERNABLE! --- ISLAM DELENDA EST)
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To: Vince Ferrer

all these stupid countries with fiat money can just make it out of thin air, instead of taxing the people out of what little fiat money they are able to keep.

it’s all backed by hot air anyway. they could do this. they’ve bailed out their buddies this way.


5 posted on 03/13/2014 10:26:30 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Vince Ferrer

So let me get this straight, We can’t Enslave Future generations in Perpetual Debt to pay for our Wants and Desires today?? Somebody better tell the US.


6 posted on 03/13/2014 10:27:17 PM PDT by eyeamok
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To: Vince Ferrer

Yeah well, if the kids are so important how come I can abort them?


7 posted on 03/13/2014 10:39:09 PM PDT by Tzimisce
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To: Vince Ferrer

Yeah well, if the kids are so important how come I can abort them?


8 posted on 03/13/2014 10:39:10 PM PDT by Tzimisce
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To: Vince Ferrer

Coming to a theater near you.


9 posted on 03/13/2014 10:52:50 PM PDT by winner3000
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To: UnbelievingScumOnTheOtherSide

There it is.


10 posted on 03/13/2014 11:07:49 PM PDT by Eagles6 (Valley Forge Redux)
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To: Vince Ferrer

and they wave that false flag that immigrants will bring prosperity instead of simply more names on more social programs.


11 posted on 03/13/2014 11:52:36 PM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: Vince Ferrer

The socialist cowards deserve the chains they voted for... /t


12 posted on 03/14/2014 1:43:03 AM PDT by Gene Eric (Don't be a statist!)
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To: winner3000

Coming to a Kenyan led nation near you!


13 posted on 03/14/2014 5:42:16 AM PDT by bytesmith
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