Property Investment News - Pension pledges have left UK and US 'insolvent'
The Telegraph - 12 Jan 2011 - ByNickyBurridge, PA
The world's most advanced economies, including Britain and the US, would be insolvent if they accounted properly for the pension pledges and health pledges made to their aging populations, an authoritative report has warned.
More painful austerity measures, of higher taxes and further spending cuts, will be necessary in the years ahead "to cover the gap between expected future liabilities and expected future income", the World Economic Forum said in its Global Risks 2011 report.
"Age-related liabilities dwarf short-term issues such as the cost of fiscal stimulus [in the recession]," the report added. It estimated that the undisclosed cost of age-related spending in the UK is roughly 3.5 times the size of the UK economy or around £5 trillion. Read the rest of this article...
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