The principle of “no taxation without representation” – the underpinning of liberal democracies – may be at risk in ageing societies. The failure of today’s generation of leaders to reform pension systems means that the burden is being shifted, largely through the tax system, on to future generations, which are not represented in democratic institutions.

According to European Commission calculations, unless reforms are implemented soon, increases in age-related costs will over the next 45 years cause the tax burden in France and Germany to rise by about 3 per cent of gross domestic product. In the UK the burden will increase by about 4 per cent, in Italy by 2 per cent and in Spain by 8 per cent. These estimates are based on current expectations of life expectancy and so are likely to be revised upwards.