‘Millions of young workers will be unable to retire until they reach 70 under new government rules.
An overhaul of the state retirement system announced on Thursday will mean that people now under 50 will have to work even longer than they had previously thought.
George Osborne, the Chancellor, will announce the new rules and argue that they are one of the “difficult decisions” required to put the public finances on a secure footing in the long term. In his Autumn Statement, Mr Osborne will also tell MPs that despite the recent economic recovery, the job of balancing the Government’s budget is far from over, meaning several more years of spending cuts and tax rises.
While austerity measures to clear the deficit will extend towards 2018, the pension reforms will have much longer-lasting consequences.’
Read more …
