UK’s Pension Fund Liabilities have grown to an alarming level, forcing the government to use the local authority taxes and nationwide taxes to make the deficit. This liability, which runs into billions of pounds, is likely to increase in the long term. The public services will bear the brunt of this liability, since tax money is being used to fund the deficit.
Thanks to the previous labour government, there was a rise in the number of people being employed in private sector. More than 50% of households derive their income from public sectors, whose employees are paid by the taxpayers. The growing number of public sector employees has contributed largely to the present liability.
Though Gorden Brown’s government created this liability, it will be David Cameron who will have to resolve it. But with the public memory being very short, David Cameron might not get elected for a next term, if this issue is not resolved soon.
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