... it's for life! 
"Britain's age of austerity will last much longer than first thought if the UK is to keep up with the escalating costs of an ageing population, the government's independent economic forecaster has said.
In its annual check, the Office for Budget Responsibility said Britain's public finances were "clearly unsustainable" over the next 50 years, despite George Osborne's round of spending cuts.
Even if the government succeeded in saving £123bn over the next seven years, the OBR said it would need to impose permanent tax increases or reduce spending by 1.1% of GDP – about £17bn in today's terms – to return the national debt to pre-crisis levels."
UK austerity set to last decades as cost of ageing population rises | Business | guardian.co.uk
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"Britain's age of austerity will last much longer than first thought if the UK is to keep up with the escalating costs of an ageing population, the government's independent economic forecaster has said.
In its annual check, the Office for Budget Responsibility said Britain's public finances were "clearly unsustainable" over the next 50 years, despite George Osborne's round of spending cuts.
Even if the government succeeded in saving £123bn over the next seven years, the OBR said it would need to impose permanent tax increases or reduce spending by 1.1% of GDP – about £17bn in today's terms – to return the national debt to pre-crisis levels."
UK austerity set to last decades as cost of ageing population rises | Business | guardian.co.uk
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