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A higher rate of VAT to finance our old age?
Posted by philfromleeds on Wed, 25/11/2009 - 11:33
We are accused of not saving enough for our old age.
Most of the self-employed will not touch a private pension scheme with a barge poll. The management charges and the poor returns are enough to keep us away from them, and in any case it is so costly to live in the now and present.
We have a population that is growing older. The intergenerational contract for financing the state old age pension is going to have many strains put on it but it is a genius method. It needs a bit of assistance and that is why I feel VAT should be raised to 25 per cent. The extra 7.5 per cent could be called a retirement levy. As a nation we would be saving more into the retirement pension. At the same time it would dampen our desires to buy imported goods and help the balance of payments. Most of our non food purchases are elective.
So what do you think?
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