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Baby-boomers hitting retirement may not sound exciting next to the threat of countries disappearing into the ocean or drought wiping out food crops, but the threat is real and the results could be expensive. Mr Magnus puts this into context by explaining that the cost of cleaning up the banking crisis will be up to 25 per cent of GDP, but that the cost of the UK’s ageing population – the next four decades of pensions, healthcare, disability benefits and residential care – will cost 330 per cent of GDP.
