Retirement age should be raised to 70 to cope with UK debt, says think-tank

The retirement age should be raised to 70 to help deal with the UK’s spiralling debt, the National Institute of Economic and Social Research (NIESR) has said.

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In a BBC report, the think-tank said that raising the retirement age for UK employees will help debt levels to fall by 2015.

A five-year pay freeze for public sector workers could also help reduce the debt levels in the UK, according to the NIESR. It also forecast that the UK economy would return to growth by the end of the year, growing by 1.3% next year and by 1.5% in 2011.