In 2020, the UK will spend 7.4% of its national income, or GDP, on state pensions. That puts us 25th out of 28 members, well below the average 11.2% of their GDP. Internationally, we are misers not spendthrifts.
France, in the middle of the table will spend 14.6% of GDP on them, double what the UK spends.
France, in the middle of the table will spend 14.6% of GDP on them, double what the UK spends.
The life expectancy of the 65-year-old Chelsea man is around about 88. For Tottenham Green man it is about 71. So Chelsea man will enjoy the state pension for about 22 years and Tottenham Green man will enjoy it for approximately five.
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