Tackling inter-generational inequality at its roots

The research, authored by Associate Fellow Michael Johnson, outlines the vast, and continuing, growth in unfunded spending promises by government, notably in respect of pensions. The research argues that the nation’s financial health is better assessed using HM Treasury’s ‘Whole Government Accounts’ rather than the ‘National Accounts’, since it includes several unfunded promises. In the Whole Government Accounts, the nation’s net liability more than doubled in the six years to the end of March in 2017 to £2,421 billion; this figure is equivalent to 120% of GDP and £89,000 per household. But this net liability figure excludes the State Pension. Include this, and the UK’s net liability would have leapt to over £6,600 billion at the end of March 2017, some £243,000 per household. The report makes five main proposals to prevent the ongoing perpetration of intergenerational injustice in the nation’s finances at source.

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