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Who will pay for Britain’s ageing society? Time to consider “hypothecated taxation”

A tax earmarked for the NHS is an option worth exploring

By George Magnus  

Photo: LI/CrowdSpark/PA Images

Is the National Health Service suffering a “permanent winter”?, asked the Financial Times in a recent assessment of how the NHS is coping with not just seasonal pressures but eight years of restricted funding. It is an important question, but the NHS winter health-check is the tip of an iceberg that incorporates the whole array of age-related spending, including also social care and pensions. In short, Britain’s ageing society is becoming expensive—fast.

It is high time we had a grown-up debate about the entitlement rights and…

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