Pass a Future Generations Act to establish an independent commissioner to help ensure younger and future generations are protected from potentially unsustainable financial burdens, based on long-term impact assessments of public spending, borrowing, and tax policy.
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According to the Office for National Statistics, public sector net financial liabilities (which include liabilities for public sector funded pensions) are rising. We believe that without long-term safeguards, younger and future taxpayers may face higher taxes or reduced services. We believe a legal duty needs to be established to give more consideration to intergenerational fairness in fiscal decisions.