Conservative Diary

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Conservatives eye £13bn saving by raising retirement age to 66

Picture 31 The newspapers are full this morning of the news that the Conservatives hope to save £13bn each and every year by raising the retirement age to 66 for men and sometime thereafter for women too.  See FT report.

There were already plans to raise the age to 66 in 2026 but the Tories are bringing those plans forward by a decade because of the deficit crisis.

On this morning's Today programme David Cameron announced the appointment of a "strong independent" committee to examine exactly how the proposal would be implemented and, in particular, when the raising of the female retirement age would "sync" with the male retirement age.

The Tory leader defended the measures as a fiscal saving but also as a way of affording the relinkage of the basic state pension with earnings.  The relinking was necessary, he said, for people to "retire with dignity".

George Osborne will set out more details on Tory deficit reduction plans at noon when he addresses the Manchester conference.  ConservativeHome will live blog that speech.

Labour has been accused of attempting to steal the limelight from the Conservatives by leaking proposals to freeze the pay of judges, GPs and other senior public sector workers.

Tim Montgomerie


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