The writing was on the wall long ago.  Successive governments of all stripes have been buying public service labour peace on the back of the tax payer for decades.  And now the bill has arrived.  The public service pension liability is unstainable. And taxation on the private sector has reached a point of diminishing returns (See Laffer).  It's unlikely this government has the cajones to pull back public servant benefits.  And previous Conservative governments have failed to address the matter.

That leaves the private sector to our own devices.  Those who can, will leave.  Others will adopt a cash-lifestyle.  The bulk however, will just give-up.