Our financial sustainability

We’ve now had two major economic shocks in just over a decade and, in an ever ‘smaller’ world, their frequency could increase.

The level of debt being built up is eroding our ability to deal with further crises. Growing demographic, climate change and infrastructure needs impose further pressures.

The private sector has undergone a major reset in its pension arrangements. This has not been replicated in the public sector, whose pay scale and pay-off arrangements also need further reform.

The mental health agenda is opening up another expanding financial commitment. Universities have become more interested in what is in their financial interests, rather than the nation’s or many of their students.

The arts and legal rights industries have been able to access taxpayers’ money on various pretexts of ‘necessity’, with many a millionaire being created by decisions made, and expectations created, in the late 90s and 2000s.

The entertainment industry should be told to recycle its own wealth in its grassroots rather than demanding more public subsidy.

Short electoral cycles and unaccountable media platforms present considerable challenges.

Many a decision is made to placate and/or distract the 24/7 news cycle, with insufficient consideration of the cumulative consequences and inefficiencies of reactive spending commitments.

The UK does have the resources to address its present and future challenges, without resorting to unsustainable population growth and housebuilding programmes to expand the tax base.

It needs a considerable change in mindset as to what the public sector does, and how it does it.

SIMON OAKLEY Nettleton Avenue, Tangmere