Summary
The UK's upcoming Budget is expected to increase taxes to keep national debt under control. Concerns exist that these policies may burden younger people, known as Generation Z, with more debt. The national debt is currently near 100% of the UK's annual economic output and may rise due to an aging population and policies like the state pension's triple lock.
Key Facts
- Chancellor Rachel Reeves plans to raise taxes to manage the UK's national debt.
- Generation Z includes those born between 1997 and 2012 and might face higher taxes.
- Younger people, in recent years, have faced rising university tuition fees and benefit cuts.
- Homeownership is lower among Generation Z compared to previous generations.
- The UK’s national debt is nearly 100% of its GDP and could rise significantly.
- The growing number of people over 65 is increasing pressure on public spending.
- Since 2010, benefits for older people have increased, while benefits for younger people have reduced.
- The Office for Budget Responsibility warns of unsustainable public finances without policy change.
