The Bank of England's chief economist, Charlie Bean, told a gathering of international banks in Jackson Hole, Wyoming, to "start adjusting to the costs of an ageing population, or face a painful economic shock when reality dawns."

Bean is reported to have pointed out that the "slow burn nature of demographic change, as people live longer, and the post-war baby-boomers approach retirement, meant it was tempting to postpone the more sensitive decisions."

He says: "Decisive action may only then be triggered as public debt spirals and participants in the financial markets start worrying about the possibility of default."

The United Nations has said that by 2050 around a fifth of the world's population will be over 60.

If a way can't be found for the aged to take their debts with them when they go, then perhaps it's time for COPIT (Cut Off Pensioners In Time) to step in with its proposed cull of over 60s who show signs of getting even further into the red!

(c)Andrew Leech
andy@buckshouse1.demon.co.uk
Bucks House Publishing