More Than 22 Million Brits to Rely on State by 2040 – Guido Fawkes

More Than 22 Million Brits to Rely on State by 2040

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A whopping 22.7 million Britons are expected to be drawing benefits – including pensions – by 2040, according to latest research by the Adam Smith Institute. With just 34 million workers left to foot the bill…

By 2036, the Treasury will spend more on welfare (including the state pension) than it will be receiving in National Insurance tax receipts, despite Reeves’ NICs hikes, meaning the State Pension could be financially unsustainable by as early as 2036. From that point, the government will rely on the National Insurance Investment Account Fund – the pot which holds NICs to pay for social security benefits and invests surplus funding back into the economy. From 2040 onwards, the fund will begin to deplete…

Meanwhile, Downing Street is rolling the pitch for a wealth tax as 16,500 millionaires are set to leave the UK this year. Can the UK afford four more years of this?