Thursday 17th March 2016; 14:30 - 16:30; House of Lords, Westminster, London
We held an event to debate the impact of the 2016 Budget on the Future of Retirement Incomes. The debate, chaired by Baroness Sally Greengross and supported by the International Longevity Centre –UK’s (ILC-UK) Partners Programme, took place ahead of our Second Retirement Income Summit on 10th June and will feed into ILC-UK’s plans for the event.
Following the Government’s Comprehensive Spending Review in November 2015, Chancellor George Osbourne will deliver the second Budget of this Parliament’s Conservative majority Government on Wednesday 16th March 2016.
During the ILC-UK organised debate, we presented our initial analysis of the Budget, looking beyond the immediate ‘winners and losers’ commentary to consider whether the long-term challenges of low productivity, systemic under saving by private individuals and the critical underfunding of adult social care are being addressed. Ben Franklin, Head of Economics of an Ageing Society at ILC-UK presented the analysis, and was on hand to answer any questions delegates had. We also heard from Chris Noon, Partner at Hymans Robertson, and Laurence Baxter, Head of Policy & Research at The Chartered Insurance Institute (CII).
The 2015 Budget and the Comprehensive Spending Review confounded expectations through revealing a revised projected increase of public finance provisions of £27 billion by 2020 thereby enabling the Government to halt proposed tax credit cuts. It also saw the Chancellor stick to his promise of maintaining real terms spending on health, schools and defence while further cutting local government coffers. The 2016 Budget will undoubtedly contain its own surprises, including an anticipated announcement regarding the future of pensions tax relief just one year on from “pension freedoms”.
For more information about the ILC-UK Partners Programme, please click on the below hyperlink:
ILC-UK PARTNERS PROGRAMME
Members of the ILC-UK Partners Programme are Anchor, Audley, Aviva, Equiniti, Hymans Robertson, Legal & General, Partnership, Prudential and Retirement Advantage.
Please see below for Ben Franklin's presentations slides from the event.