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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.”
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