Andrew Tully looks at the rising cost of the state pension and says wide wide-ranging debate on the issue is needed...
The recent Office of Budget Responsibility (OBR) assessment of the fiscal risks facing the UK shines a bright spotlight on the future of the state pension. The figures in the report are stark and there are some interesting assumptions made by OBR which suggest some government announcements may be made soon. In the UK, expenditure on the state pension, at £138bn in 2024/25, is the second-largest item in the government budget after health. That equates to around 5% of GDP. That's 15% up on 2010/11, despite the significant increases we have seen to state pension ages during that period. ...
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