MINISTERS must urgently rein in public spending after a flood of pledges has left Britain owing an eye-watering £6,600 billion, a think tank today demands.
Analysis by Bright Blue said Britain has clocked up so much in debt, pension liabilities, and spending promises that it amounts to an eye-watering £243,000 per household.
Alamy Public spending needs urgent curbing as freebies have left the UK owing £6,600bn, a think tank report says
The think tank’s report warned that if the UK was a company it would be “bankrupt”.
It urged ministers to do more to promote intergenerational fairness so millennials are not saddled having to pay off freebies dished out to their parents.
It said every new law must be road-tested to make sure it doesn’t leave the young worse off.
And it called for the creation of an Office for Fiscal Responsibility to cut some of the 1,1000 tax reliefs to make the system simpler and fairer.
The think tank also wants every tax relief scrapped after five years so inefficient spending giveaways do not stay on the books.
While the Government should be more honest about the money it owes to include its hefty pension bill, it said.
The report’s author, Michael Johnson, said: “If the UK were accounted for as a public company, it would be bankrupt.
“We need to put a brake on deferring costs that millennials in particular will otherwise have to meet.”
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Tory MP Nicky Morgan MP, boss of the parliamentary Treasury Committee, said: “Growing intergenerational inequality in Britain is now well-documented and widely discussed.
“It is time that politicians address it, not least by exerting tighter control on public spending.
“This will reduce the risk that future generations will face excessive tax rises or cuts to public services.”
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