Polish Supreme Court Validates Nawrocki's Presidential Victory
The ruling opens the way for Nawrocki, a conservative historian fronted by the Law & Justice party, to be sworn in by parliament and take office as planned on Aug. 6.
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Yahoo
19 minutes ago
- Yahoo
Workers ‘face retirement at 74 unless pension triple lock scrapped'
Britons face working until they are 74 unless the Government scraps the triple lock on pensions, according to a leading think tank. The Institute for Fiscal Studies (IFS) issued the warning amid concerns that an ageing population will mean the country cannot meet its ballooning state pension bill. It said that a 'substantial' increase in the age people can start claiming their state pension is required to maintain the triple lock, which guarantees payments rise by at least 2.5pc a year. Without changes to the retirement age, which is currently set at 66 for both men and women, the IFS warned that the triple lock will cost taxpayers up to £40bn a year and disproportionately hit poorer households by forcing them to work for longer. Labour and the Tories have both committed to keeping the triple lock, which ensures the state pension always rises in line with the highest wage growth, inflation or 2.5pc. However, the IFS said a double lock that instead linked increases in payments to wages or inflation was more sustainable for the country's strained public finances. Official projections by the Office for Budget Responsibility (OBR) show that spending on the state pension is set to rise from 5pc of GDP today, or £150bn, to 8pc by 2070, equivalent to £240bn. In its latest report, the IFS said: 'Increases in the state pension age required to keep spending on the state pension below a certain level of national income would have to be substantial. '[Official] modelling shows that to keep public spending on the state pension below 6pc of national income while retaining the triple lock, the state pension age would have to rise to 69 by 2049 and 74 by 2069.' Its report also referenced a previous government review of the state pension age by Baroness Neville-Rolfe, which said it would have to rise significantly to prevent costs from rising sharply. Britain's current retirement age is 66, although it will rise to 67 by 2028 before increasing again to 68 by 2046. Under the current triple lock policy of at least a 2.5pc increase, the IFS estimated that state pension payments will rise from £230 a week to £250 by 2043 in today's money. This would raise the level of the state pension to 33pc of average earnings from just over 30pc today, but add £15bn to annual public spending by 2050 compared with lifting it in line with wage growth. The OBR has predicted that the national debt will rise from around 100pc of GDP today to 270pc in 50 years' time without significant changes in either spending plans or in the economy's growth rate. The surge in debt will be driven by higher pension and healthcare costs. David Miles, a top official at the watchdog, said the forecasts show 'that is an unsustainable path and something has to give somewhere.' 'There are significant risks,' he told the House of Lords' Economic Affairs Committee, noting the danger of investors refusing to finance the ballooning debt. 'One way to interpret that [270pc projection] is that you won't follow that path because the bond markets will force you off it somewhere down the road, and there will be a sort of reckoning and there may have to be a significant restructuring of the role of the state, the size of the state, to reflect the demographics, the diminished productive potential of the economies.' The IFS also said employers should be forced to pump more money into the private pensions of their employees. It called on bosses to put at least 3pc of revenues towards a private retirement fund, with both employees and employers gradually contributing more as their earnings rise. The institute said this would improve financial security in retirement and boost nationwide pension savings by £11bn. Paul Johnson, the director of the IFS, said: 'There is a risk that policymakers have become complacent when it comes to pensions. Without decisive action, too many of today's working-age population face lower living standards and greater financial insecurity through their retirement.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Bloomberg
30 minutes ago
- Bloomberg
Starmer's Costly U-Turn, Astra's UK Listing Risk, Trump Bill Rebellion Brews
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Keir Starmer dramatically abandoned his flagship welfare reforms to avoid a historic defeat, leaving the UK prime minister's authority badly damaged and his government facing a widening fiscal hole to fill. (2) The Trump administration is halting the transfer of artillery rounds and air defenses to Ukraine, depriving the country of much-needed weapons as it endures stepped-up missile and drone attacks from Russia. (3) President Donald Trump said Israel has agreed to the conditions needed for a 60-day ceasefire in Gaza, adding that the plan would now be presented to Hamas. (4) AstraZeneca's Chief Executive Officer Pascal Soriot wants to move the drugmaker's stock listing to the US, the Times reported, in what would be another sign of the UK's waning status as a magnet for global capital. (5) Bank of England Governor Andrew Bailey said high interest rates are having less of an impact on inflation because of Britain's low levels of debt among both businesses and consumers. (6) Banco Santander agreed to buy Banco Sabadell SA's UK unit for £2.65 billion ($3.64 billion), a deal that will make it the UK's third-largest lender by some measures.
Yahoo
an hour ago
- Yahoo
Photos of street protests as Turkey detains 120 opposition officials
ISTANBUL (AP) — Demonstrations were held Tuesday in Istanbul after Turkish authorities detained a former mayor and dozens of municipal officials in the western city of Izmir over alleged corruption, extending a crackdown against the country's main opposition party. Officials from CHP-controlled municipalities in Istanbul and elsewhere have faced waves of arrests this year over allegations of corruption. The opposition claims the arrests are politically motivated, but President Recep Tayyip Erdogan's government insists the courts are impartial and free from political involvement. The crackdown comes a year after the CHP made significant gains in local elections. ___ This is a photo gallery curated by AP photo editors.
