Spending Review: What you need to know

Tomorrow's headlines will probably be dominated by the announcement that the State pension age will reach 66 by 2020, six years earlier than the previous Government's targeted date, although Labour had pledged the retirement age would go on to reach 68 by 2046. The move is part of a drive for the Department of Work & Pensions to save £5bn per year by the end of the next parliament. NEST was given a reprieve too, as Osborne confirmed the DWP would be given funding to introduce auto-enrolment from 2012. Osborne justified the starkness of the Spending Review, arguing that it was neces...