A think tank claims to have discovered a “serious flaw” in the national accounts that within 12 months will leave the Government short of money to pay pensioners.
As a result, the Treasury will be forced to raid income tax receipts to ensure old-age payouts continue, according to the influential Centre for Policy Studies.
Michael Johnson, an academic at the think tank, which has links to the Conservation Party, said his research indicated the state pension was “unsustainable”.
Millions of taxpayers under the age of 45 faced steep tax increases and would have to wait longer to collect a state retirement income, he claimed, while the under-35s should prepare for the state pension to be scrapped.
Official figures this week showed Britain’s state pension bill will quadruple to £420 billion over the next six decades as the population ages.
Article Source:
Michael Johnson, an academic at the think tank, which has links to the Conservation Party, said his research indicated the state pension was “unsustainable”.
Millions of taxpayers under the age of 45 faced steep tax increases and would have to wait longer to collect a state retirement income, he claimed, while the under-35s should prepare for the state pension to be scrapped.
Official figures this week showed Britain’s state pension bill will quadruple to £420 billion over the next six decades as the population ages.
Article Source:
Find us on Google
No comments:
Post a Comment