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UK needs to capitalise on ageing population

A senior UBS economist has warned that the UK must radically change the way it thinks about what the ageing population contributes to the economy to avoid future financial crises, according to the Daily Telegraph.

Speaking at a Department for Business, Innovation and Skills conference, Magnus is quoted by the paper as saying: “There simply isn’t enough public spending to cut or an acceptable tax burden on working people that would suffice to pay for ageing.

“If we are to avoid a fiscal crisis int he future, let alone this year or next, we have to be smarter and more imaginative in how we restructure public finance and the economy.”

Magnus added that age-related spending is set to increase and that companies should tap into the opportunities created by the ageing population.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I agree totally. People who are retired are still consumers and we, as a nation, are consumers until the day we die so a plan whereby we can have enough money to spend during ever longer retiored years has to be good for not only the local economies, but also the national economy. More people spending means more people serving in shops etc. We should all be pushing for retired people to have at least £20,000 per year tax free! Think of all the VAT. Some then will be able to afford private healthcare, others could fund much needed travel or hobbies or both!!

  2. Retired people has paid the N.I. and taxes
    through out their working life. Their income is
    taxed in retirement. They get a code as any other person. They spend their money in the
    same way as they were spending before
    retirement except the mortgage, contribution
    to pension or N.I.
    The Government should vigourously check
    on the benefits claim, Housing to the Asylum
    people some of them get £1000.00 to £1600.00 per week. Lots of other benefits who
    have not contributed anything to the economy
    of this country. Unemployed should be given a
    time scale for which they will get the benefits after that give them any work. Check on
    persons who are not entitled for NHS treatment
    are taking the advantage.

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