NHS spending will increase by £109billion over next 50 years as ageing population puts pressure on health services
Experts at the Institute for Fiscal Studies predict that the Government will have to boost expenditure by 1.2 per cent a year to cope
NHS spending will rocket £109 BILLION over the next 50 years – nearly doubling current levels – as the OAP population soars.
The Institute for Fiscal Studies said whoever wins the Election will have to increase spending by 1.2 per cent a year over the next Parliament just to cope with the demographic change.
And it warned there were huge issues that needed to be resolve over the coming decades.
It said health spending could increase by a sum equivalent to 5.3 per cent of our entire national output between now and 2066 as millions live longer.
That’s equivalent to £109billion – a 75 per cent increase on the current £144billion spent on the NHS across the UK.
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The astonishing verdict came as the IFS said there was little difference in the spending promises for the NHS made by either the Conservatives, Labour or the Lib Dems for the next Parliament.
Tories would take spending to £132billion a year by 2022-2023 and Labour to £135 billion by 2021-2022 – a 2 per cent a year rise.
IFS expert George Stoye said spending had gone up by 4 per cent since 2009.
And he added: “To put the planned spending increase in context, it is important to remember the population is both growing and ageing.
“Between 2016 and 2021, the population in England is expected to grow by 3.7 per cent with the population aged 65 and over expected to grow by 9.2 per cent, and the population aged 85 and over by 14.5 per cent.
“This has important implications for NHS spending since older individuals typically use more and more expensive health care than younger individuals.
“Real NHS spending would therefore need to increase by 1.2 per cent each year over the next Parliament just to keep up with demographic change.”