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Tories unveil state pension move Tories unveil state pension move
(19 minutes later)
The Conservatives have announced plans to make millions of people now in their fifties work for an extra year before they get their state pension. The Conservatives have announced plans to make millions of people in their fifties work for an extra year before they get their state pension.
Shadow chancellor George Osborne would raise the state pension age from 65 to 66 from 2016 if the Tories win the next election to help tackle the UK's debts.Shadow chancellor George Osborne would raise the state pension age from 65 to 66 from 2016 if the Tories win the next election to help tackle the UK's debts.
He will announce the plan in a speech to his party in Manchester.He will announce the plan in a speech to his party in Manchester.
The government has similar plans to raise the state pension age but would start the process from 2024.The government has similar plans to raise the state pension age but would start the process from 2024.
Bringing the move forward would mean more people than previously expected, particularly those aged between 49 and 59, would have to work a year longer before they get their state pension.Bringing the move forward would mean more people than previously expected, particularly those aged between 49 and 59, would have to work a year longer before they get their state pension.
Conservative Party sources say the change would save £13bn a year from the budget deficit, about 0.75% of GDP each year.Conservative Party sources say the change would save £13bn a year from the budget deficit, about 0.75% of GDP each year.
Long-term savingLong-term saving
Under the government's existing plans, the state pension age will rise gradually from 65 to 68 between 2024 to 2046.Under the government's existing plans, the state pension age will rise gradually from 65 to 68 between 2024 to 2046.
It is surprising that the Labour chancellor chose to make this announcement - which affects hundreds of thousands of people - in the middle of a Conservative Party conference Tory spokesmanIt is surprising that the Labour chancellor chose to make this announcement - which affects hundreds of thousands of people - in the middle of a Conservative Party conference Tory spokesman
This was designed to help pay for restoring the link between pensions and earnings which both Labour and the Conservatives are committed to introducing before the end of the next Parliament.This was designed to help pay for restoring the link between pensions and earnings which both Labour and the Conservatives are committed to introducing before the end of the next Parliament.
The government is also intending to equalise the state pension age for women, so that it rises from 60 to 65 from 2010 to 2020.The government is also intending to equalise the state pension age for women, so that it rises from 60 to 65 from 2010 to 2020.
The Tories said how this would link into their new policy was "up for review" - but they did not rule out that women could see their pension age rise towards 66 from around 2016.The Tories said how this would link into their new policy was "up for review" - but they did not rule out that women could see their pension age rise towards 66 from around 2016.
Senior Tory sources said the change was designed to lock in a sustainable and long term saving into the public finances.Senior Tory sources said the change was designed to lock in a sustainable and long term saving into the public finances.
They acknowledged that the decision could prove unpopular with some but they said they were being deliberately upfront about a tough decision that would make credible savings in the long term.They acknowledged that the decision could prove unpopular with some but they said they were being deliberately upfront about a tough decision that would make credible savings in the long term.
'Surprising''Surprising'
Mr Osborne is under pressure to demonstrate that he has a fully-worked out plan to deal with Britain's record debts - and pay for some of the measures announced this week to deal with unemployment.Mr Osborne is under pressure to demonstrate that he has a fully-worked out plan to deal with Britain's record debts - and pay for some of the measures announced this week to deal with unemployment.
But his big speech looks in danger of being overshadowed by Chancellor Alistair Darling's announcement of a pay freeze for 750,000 senior and middle-ranking civil servants, sparking Tory anger.But his big speech looks in danger of being overshadowed by Chancellor Alistair Darling's announcement of a pay freeze for 750,000 senior and middle-ranking civil servants, sparking Tory anger.
A Tory spokesman said Mr Darling's announcement, on Monday evening, shows that "the Conservative Party is setting the terms of the political debate on the economy".A Tory spokesman said Mr Darling's announcement, on Monday evening, shows that "the Conservative Party is setting the terms of the political debate on the economy".
He added: "It is surprising that the Labour chancellor chose to make this announcement - which affects hundreds of thousands of people - in the middle of a Conservative Party conference.He added: "It is surprising that the Labour chancellor chose to make this announcement - which affects hundreds of thousands of people - in the middle of a Conservative Party conference.
"People will question his motives. Tomorrow (Tuesday) George Osborne will set out an overall approach to deal with Labour's debt crisis"."People will question his motives. Tomorrow (Tuesday) George Osborne will set out an overall approach to deal with Labour's debt crisis".
But Labour sources insisted they are not trying to scupper Mr Osborne's speech, saying public sector pay was simply the first issue in Alistair Darling's in-tray after he returned from the Labour conference and a series of foreign engagements.But Labour sources insisted they are not trying to scupper Mr Osborne's speech, saying public sector pay was simply the first issue in Alistair Darling's in-tray after he returned from the Labour conference and a series of foreign engagements.