We have shown that generational progress has indeed stalled. Moreover, we face significant challenges in providing the health and care that older generations expect. This report brings our findings together and the evidence is compelling. No longer can anyone deny the challenge facing us as a country in maintaining a fair deal between the generations. The difficulty is that meeting this spending challenge via borrowing or turning to the usual taxes on income and consumption would put disproportionate costs onto younger generations who have borne the brunt of recent living standards pressures. These approaches are both unsustainable in the long run – neither the national debt nor income tax rates can rise forever – and clearly unfair between the generations. We need to avoid breaching the intergenerational contract by either cutting essential support for older generations or putting unsustainable costs onto younger ones most affected by the financial crisis. That means we need new answers While the short-term deficit burden has eased, the UK’s ageing population is set to put pressure on the public finances in the 2020s and beyond. Projected additional costs amount to £24 billion per year in just over a decade, and £63 billion by 2040. Borrowing to meet these costs would mean debt rising above 230 per cent of GDP by the 2060s, passing the burden on to future generations who are already set to inherit higher debt levels following the financial crisis. This approach would not be sustainable. The alternative of reducing the generosity of the welfare state would mean older generations not receiving the health and care services they deserve,expect and need.