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Earlier this year Ed Balls correctly argued that no sensible plan for rescuing the public finances can fail to look at pensioner benefits. This does not just reflect the Government’s short term money problems but fundamental changes taking place in society, especially the ageing of the population. Not only are baby boomers (people born between 1946 and 1964) starting to retire in large numbers but people are living longer. The result is that fiscal sustainability is more of a concern and future governments cannot avoid tough decisions.

These tough decisions are not just limited to government spending but involve revenue…

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