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| Autumn Statement: State pension age rise brought forward | Autumn Statement: State pension age rise brought forward |
| (about 1 hour later) | |
| More people will have to work until they are 68 before being entitled to a state pension under plans to be announced by Chancellor George Osborne. | More people will have to work until they are 68 before being entitled to a state pension under plans to be announced by Chancellor George Osborne. |
| The state pension age was set to change in stages from 65 to 68 by 2046. | |
| But that date will be brought forward to the mid-2030s, Mr Osborne will say in his Autumn statement. | But that date will be brought forward to the mid-2030s, Mr Osborne will say in his Autumn statement. |
| The pension age could rise again to 69 in the late 2040s, he will add, meaning people now in their 20s may have to work until they are 70. | The pension age could rise again to 69 in the late 2040s, he will add, meaning people now in their 20s may have to work until they are 70. |
| Moving the change forward will ensure "the country can offer people decent pensions", a government source said. | Moving the change forward will ensure "the country can offer people decent pensions", a government source said. |
| Mr Osborne is due to deliver his statement to the House of Commons at 11:15 GMT. Among the measures reported so far are: | Mr Osborne is due to deliver his statement to the House of Commons at 11:15 GMT. Among the measures reported so far are: |
| A new formula will increase the state pension age to keep pace with increasing life expectancy. | A new formula will increase the state pension age to keep pace with increasing life expectancy. |
| The government will say that people should spend on average no more than one-third of their adult lives in retirement. | The government will say that people should spend on average no more than one-third of their adult lives in retirement. |
| The BBC has also learned that the chancellor will cap business rate increases in England and Wales to 2% next year, rather than the rate of inflation, in an effort to boost firms and High Streets. | The BBC has also learned that the chancellor will cap business rate increases in England and Wales to 2% next year, rather than the rate of inflation, in an effort to boost firms and High Streets. |
| The government has already announced the state pension age will increase to 66 by 2020 and 67 by 2028; these dates will not change. | The government has already announced the state pension age will increase to 66 by 2020 and 67 by 2028; these dates will not change. |
| But it said in a statement: "Under current estimates of life expectancy the principle being confirmed today implies the SPA (state pension age) rise to 68 could come forward to the mid-2030s, from its current date of 2046, rising to 69 by the late 2040s. | But it said in a statement: "Under current estimates of life expectancy the principle being confirmed today implies the SPA (state pension age) rise to 68 could come forward to the mid-2030s, from its current date of 2046, rising to 69 by the late 2040s. |
| "This will affect people in their forties and below; no-one over 50 will have a retirement age of 68 or more." | "This will affect people in their forties and below; no-one over 50 will have a retirement age of 68 or more." |
| A review of the way the state pension age is calculated, announced earlier this year, will be informed by "up-to-date" life-expectancy figures. | A review of the way the state pension age is calculated, announced earlier this year, will be informed by "up-to-date" life-expectancy figures. |
| A government source said: "This is part of the government's long-term plan to secure a responsible recovery. | A government source said: "This is part of the government's long-term plan to secure a responsible recovery. |
| "It is a difficult decision to make sure there is a fair deal across future generations and that the country can live within its means. | "It is a difficult decision to make sure there is a fair deal across future generations and that the country can live within its means. |
| "It will help make sure the country can offer people decent pensions in their old age in a way that with increasing life expectancy the country can also afford." | "It will help make sure the country can offer people decent pensions in their old age in a way that with increasing life expectancy the country can also afford." |
| The Chancellor makes two big set-piece speeches on the economy in the Commons every year - the Budget, in the spring, and the Autumn Statement, which used to take place in November but has moved to December in recent years. | |
| He will set out the government tax and spending plans - based on the economic projections provided by the Office for Budget Responsibility (OBR) - a body set up in 2010 to provide independent economic forecasts. | |
| Mr Osborne is expected to announce a bigger than expected fall in public borrowing on the back of an upturn in economic growth. | |
| The Office for Budget Responsibility could more than double its previous projection for UK growth of just 0.6% at the time of the Budget in March - but Mr Osborne is likely to stress that there is still much work to be done to restore the economy to full health and there will be no let up in austerity. | |
| Labour says the government has done nothing to address the "cost of living crisis" facing many people and claims, on a new poster, that working people are on average £1,600 a year worse off since the last election. | |
| Shadow chief secretary to the Treasury Chris Leslie said: "What we need from the Autumn Statement is a long-term plan to tackle the cost-of-living crisis and earn our way to higher living standards for all, not just a few at the top." | |
| * The BBC will have full coverage of the Autumn Statement with live text and video and analysis on the BBC News website, coverage all day on the BBC News Channel, a BBC2 special programme from 11:00 - 14:00 GMT and a BBC Radio 5 Live special from 11:15 - 14:00 GMT | * The BBC will have full coverage of the Autumn Statement with live text and video and analysis on the BBC News website, coverage all day on the BBC News Channel, a BBC2 special programme from 11:00 - 14:00 GMT and a BBC Radio 5 Live special from 11:15 - 14:00 GMT |