Young people will feel burden of UK's ageing society, report suggests

The House of Lords has released a report suggesting that the UK's ageing population will place a significant burden on young people. The report states that simply raising the state pension age or increasing immigration will not be a viable solution to this problem. The report highlights that the proportion of the population aged 65 and over is expected to rise from 18% in 2020 to 24% by 2040. This demographic shift will put increasing pressure on public services and the labor market, with fewer working-age people supporting a growing number of retirees. The report recommends a range of measures to address this challenge, including improving productivity, encouraging older workers to remain in the workforce, and investing in education and training to ensure the workforce has the necessary skills. The report also suggests that the government should consider reforms to the tax and benefits system to ensure a fair distribution of the burden across generations.