BABY BOOMERS should shell out more to cover rising health and welfare bills run up by their own ageing generation, according to Tory former minister Lord Willetts.
In a speech today the Resolution Foundation chairman will cite the think tank’s research showing that health, education and social security spending will rise by £20 billion in today’s money by 2030, and by £60bn by 2040.
Higher wealth taxes for the postwar generation would be needed to avoid cutting access to the NHS and letting social care get into an even deeper crisis, he will say, if young people who are already struggling to match the living standards of their parents are not to pick up the bill.
He will point out that baby boomers have benefited from “lower pressures on public spending” and “the age of tax cuts.
“The time has come when we boomers are going to have reach into our own pockets.”
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by joining the 501 club.
Just £5 a month gives you the opportunity to win one of 17 prizes, from £25 to the £501 jackpot.
By becoming a 501 Club member you are helping the Morning Star cover its printing, distribution and staff costs — help keep our paper thriving by joining!
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £1 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.