PAY DAY DELAY
State pension age warning as Liz Truss says no decision made on retirement age rise – meaning Brits might work LONGER
LIZ Truss today refused to rule out raising the retirement age - meaning millions of younger Brits might have to work LONGER before they can receive their state pension.
This morning the PM admitted raising the retirement threshold is a “decision yet to be made”.
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Currently, Brits can access their hard-earned state pensions when they turn 66.
As the government looks to find savings in public finances, the state retirement age for the next cohort of workers could be higher.
As things stand, a gradual rise to 67 is set for those born on or after April 1960.
And a gradual rise to 68 between 2044 and 2046 is on the cards for those born on or after April 1977.
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The government is currently reviewing whether the increase to age 68 should be brought forward to 2037-39.
Most workers should get around ten years notice of the age they can access their state pension.
However, you can access a private pension from age 55 and this is not affected by state pension age changes.
Asked to rule out raising the retirement age sooner than planned, the PM told Sky News this morning: "You're asking me to speculate about all kinds of decisions that haven't yet been made.
"What's first of all important is that we dealt with the energy prices people were facing.
"We've helped to curb inflation through that intervention, we've reduced taxes to get the economy growing, we're going to be doing economic reforms in areas like moving faster with building projects, moving faster with transport projects to get the economy going.”
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The government is desperately trying to save money after it announced a whopping £45bn worth of tax cuts in its mini-Budget last month.
The tax bonfire sent markets into a panic and caused the pound to plummet. But it was later able to recover.
Yesterday, the PM dramatically U-turned on her mini-Budget pledge to cut the 45p top rate of income tax.
The markets reacted positively to the announcement with pound rising against the dollar.
Speaking today, the PM said she would "win hearts and minds" with her tax-cutting agenda.
Speaking at the party conference in Birmingham, the PM said: “We face massive challenges as a country and we need to get through this economic crisis and this energy crisis.
“And we need Britain to come out stronger on the other side, and I want to win over hearts and minds in the country, but also amongst my parliamentary colleagues, to make sure that we are able to deliver for the people of Britain.”
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She admitted the reaction to her Growth Plan had not been "absolutely perfect" but insisted it - and the energy - package will help struggling families braced for a gruelling winter.
It includes cutting stamp duty, income tax and capping the price of energy so the typical household will pay no more than £2,500.
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