Wednesday May 06, 2009
Britons face working until 70 to help bring public debt under control
Angela Monaghan and Edmund Conway
Telegraph
Britons will have to work until the age of 70, at least five years beyond the current retirement age, if the Government is to stand any hope of bringing public debt under control over the next decade, a report claims.
The scale of the debt that Gordon Brown takes on to fight the economic crisis means that future governments will have to consider drastic measures to ease it, according to the National Institute for Economic and Social Research (NIESR).
The think tank said it would be all but impossible for the Government to return Britain's total public debt to 40 per cent of gross domestic product, currently equivalent to £600billion, until 2023.
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