This paper analyses the different channels through which particular generations within one society can end up subsidising other generations through the functioning of the welfare state. The welfare state, which is organised and funded by “society” through taxation, plays an important part in...

This paper is about the experiences HM Treasury has gained over the years publishing the Long-term public finance report. The paper argues that there have been many, often subtle and at launch unexpected, benefits from publishing a long-term economic and fiscal assessment on a regular basis. For...