State pension age could go up again as government launches review
Ms Kendall warned of a growing threat of pensioner poverty without significant reform, citing Age UK research that future retirees could receive £800 less annually than current retirees.
The current state pension age is 66, but is set to rise to 67 in 2028. The state pension's triple lock guarantee costs the government £31 billion each year.
Concerns were raised about the demographic imbalance, with the number of pensioners projected to increase by over 50 per cent by the 2070s, while the working-age population grows by only 10 per cent.
Ms Kendall said that many working-age people, including a significant portion of the self-employed, are not saving sufficiently for their retirement, exacerbating future financial insecurity.
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The Independent
12 minutes ago
- The Independent
There's a royal reason Trump won't escape Jeffrey Epstein fallout on trip to his Scotland golf courses — Prince Andrew
The Republican-led House of Representatives shut down early for its summer break to avoid Jeffrey Epstein motions. The Senate GOP has been in see-no-evil mode the past week over the controversy swirling around the seemingly vanished 'client list' of the high-flying financier and convicted pedophile who once palled around with Donald Trump and Bill Clinton among many other power players. So it makes perfect sense that President Trump is hoping for five days away from the Epstein fallout firestorm that has landed him in hot water not just with Democrats but his own MAGA base over the Justice Department's stonewalling on the release of all the Epstein files, as Trump and AG Pam Bondi had promised. Well, Scotland may not be far enough for that. Sure, Trump will meet with Prime Minister Sir Keir Starmer early next week, but the vast majority of his known itinerary consists of visits to his Scottish golf resorts. One, Trump Turnberry and the other Trump International in Aberdeen, where he is set to open a brand new course that will be named for his late mother, Mary Anne McLeod Trump, who was born in Scotland. And that's the problem for Trump, thanks to a particular member of the Royal family who happens to be a golf-loving frequenter of his courses, is Scotland's Earl of Inverness — and who also happens to be tainted by his past close friendship with Jeffrey Epstein... Prince Andrew. Trump Turnberry, in fact, still boasts of its visits from Prince Andrew, the Duke of York, who was forced to stand down from royal duties in 2020 over his links to Epstein. The former Royal Navy officer — currently eighth in line to the British throne — had a long and controversial relationship with with the late sex offender that predated Epstein's 2008 conviction for soliciting a teenage prostitute but also which continued long after the financier became a pariah in most respectable circles. Andrew's habit of staying at Epstein's residences during travel to the U.S. became fodder for controversy even as the royal claimed there was nothing untoward about the relationship and has vehemently denied any wrongdoing. But the whispers and rumors took on a more urgent character after Andrew became the defendant in a civil lawsuit brought by the late Epstein victim Virginia Giuffre, who alleged that the Duke once had sexual relations with her after she was trafficked to him as a minor by Epstein and his associate Ghislaine Maxwell. Although Buckingham Palace asserted in a 2015 statement that Giuffre's allegations — which included claims that she'd had sexual relations with the Duke on three separate occasions — were 'categorically untrue,' the Duke and Giuffre ended up settling the lawsuit, with no admission of liability, in February 2022, one month after Andrew's royal patronages and honorary military titles were revoked by his mother, the late Queen Elizabeth II. Prince Andrew has always strongly denied the allegations leveled against him by Giuffre. Giuffre, perhaps the most outspoken survivor of Epstein's sexual abuse, died by suicide at the age of 41 in April. 'It is with utterly broken hearts that we announce that Virginia passed away last night at her farm in Western Australia,' Giuffre's family said in a statement to The Independent after she died. 'She lost her life to suicide, after being a lifelong victim of sexual abuse and sex trafficking.' Since then, Andrew has largely remained out of the spotlight with his reputation tarred by his association with the late sex offender. But that disgrace doesn't appear to bother Trump or his eponymous real estate and resort company, which as of this week still lists Andrew as one of the 'famous visitors' who have enjoyed the 'refined hospitality' at Trump Turnberry. His Aberdeenshire golf resort has even deeper connections to the prince, who played a major role in convincing Trump to build it in 2006, less than a decade before his entry onto the American political scene. According to Agence France-Presse, Andrew met with Trump at the his eponymous New York skyscraper in September of that year to cajole the developer into moving forward with the Aberdeen golf project. He later said the Prince was a 'great guy' who'd made a 'terrific impression' on him. 'He gave a presentation here to make sure I spend one billion pounds in your country, and that's what I'm going to be doing,' Trump added, according to the report. The relationship between the prince and the future president continued for the intervening decade, and when Trump visited Scotland during his second year in the White House, Andrew joined him for a round of golf at Turnberry — a round Trump later claimed to have won. The pair remained cordial enough that when President Trump visited the U.K. for a state visit in his first term in 2019, Andrew was his designated royal escort. The president's escape to his ancestral homeland comes as there continues to be bipartisan furor around Department of Justice records about Epstein, a one-time power-player financier and convicted pedophile who was arrested for alleged sex trafficking by federal authorities in 2019 and was found to have died by suicide in his jail cell while awaiting trial. The years-old prosecution has been a longtime fixation for many of Trump's MAGA supporters who believe they contain damaging information on prominent Democrats and other liberal celebrities. For years, the president's supporters have pushed for release of what they believe was a list of powerful people to whom Epstein is alleged to have trafficked young girls, as well as other information they believe would reflect negatively on members of the Democratic Party, various Hollywood celebrities, and other purported elites who they believe to be part of a sinister cabal controlling world events. Trump has winked and nodded at such beliefs and had indicated during his 2024 campaign that his administration would release the documents in question if he were victorious in last year's presidential election. But many of his most prominent supporters have been crying foul in recent weeks after the Department of Justice announced it would not be releasing the so-called Epstein Files. And Democrats are now joining the chorus of calls for transparency, citing Trump's likely presence in the documents on account of his long-term friendship with Epstein. Trump socialized with Epstein in the 1990s and early 2000s, but reportedly cut ties before Epstein pleaded guilty to state charges of soliciting prostitution from someone under the age of 18. While Trump has not been accused of any formal wrongdoing or charged with any crime, his proximity to Epstein, someone he once called a friend, has heightened conspiracy theories that the government is withholding documents that could reveal embarrassing information about high-profile individuals. Still, being named in the so-called Epstein list of contacts or case files is not an indication of any wrongdoing and Trump has denied having any knowledge of Epstein's crimes before he ended their friendship as has Bill Clinton. Trump has also sued the Wall Street Journal for defamation over its reporting that he sent a bawdy 50th birthday message to Epstein. Clinton, likewise, was reportedly one of many who sent messages to the financier on that occasion. On Thursday, Trump made yet another effort to dissuade his base from caring about the Epstein matter by lashing out on Truth Social, calling the entire affair a 'scam' and a 'hoax' and stating that he hopes the release of grand jury testimony about the late sex offender will quell the entire thing. But if the president is hoping to gain some distance from the scandal with some time on the links, he's gone to the wrong golf courses.
The Independent
12 minutes ago
- The Independent
US President Donald Trump arrives in Scotland
US President Donald Trump has landed in Scotland ahead of a four-day visit. Air Force One – the presidential plane – touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. During his time in the country, the president will meet Prime Minister Sir Keir Starmer and Scottish First Minister John Swinney, as well as European Commission president Ursula von der Trump and Sir Keir are expected to discuss potential changes to the UK-US trade deal which came into force last month. Mr Swinney has pledged to 'essentially speak out for Scotland'. Speaking as he boarded Air Force One, the president said he would be having dinner with the Prime Minister at Turnberry, before 'going to go to the oil capital of Europe, which is Aberdeen'. He said: 'We're going to have a good time. I think the Prime Minister and I get along very well.' He added: 'We're going to be talking about the trade deal that we made and maybe even approve it.' He also told journalists he was 'looking forward' to meeting with the 'Scottish leader' Mr Swinney, describing him as a 'good man'. During his time in Scotland, the president is also likely to spark a number of protests, with concerns being raised about how such demonstrations are policed. Police Scotland has called in support from other forces in the UK to help bolster officer numbers, though senior officers and the organisation which represents the rank-and-file, have accepted Mr Trump's visit will have an impact.
Reuters
13 minutes ago
- Reuters
US dollar rises, but on track for weekly drop ahead of Fed, BOJ
NEW YORK, July 25 (Reuters) - The U.S. dollar advanced on Friday, bolstered by solid economic data that suggested the Federal Reserve could take its time in resuming interest rate cuts, while tariff negotiations showed more clarity that eased some uncertainty in the market. The U.S. currency showed little reaction to data showing new orders for key U.S.-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately. That suggested business spending on equipment slowed considerably in the second quarter. "The dollar regained some ground the past two days, after being on the defensive earlier in the week ... supported mostly by an encouraging set of U.S. economic data that argues for continued patience at the Fed," said Elias Haddad, senior markets strategist at Brown Brothers Harriman in London. The greenback was set for its biggest weekly drop in a month, ahead of more tariff dialogue and central bank meetings next week, while sterling dipped after softer-than-expected British retail sales data. Both the Fed and the Bank of Japan are expected to hold rates steady at next week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next moves. "We see some room for optimism at the (Fed) meeting," wrote BNP Paribas in a research note. "Economic uncertainty associated with trade policy, while not entirely resolved, has declined markedly." Politics is a factor for both central banks, most dramatically in the U.S., where President Donald Trump once again pressed for lower interest rates on Thursday as he locked horns with Fed Chair Jerome Powell. Brown Brothers' Haddad said the Fed's monetary policy is being "overshadowed by the political pressure to lower interest rates. That's one of the reasons why I think the dollar's upside is limited." The dollar managed to recover a touch against the euro late on Thursday, however, after Trump said he did not intend to fire Powell, as he has frequently suggested he could. "The market relief was based on the fact that Trump refrained from calling for Powell to go, although that was based on Trump's view that Powell would 'do the right thing'," said Derek Halpenny, head of EMEA research at MUFG. He added, however, that "the theme of Fed independence being undermined by the White House will unlikely go away and remains a downside risk for the dollar." Falls against the euro and yen leave the dollar index , which measures the dollar against six other currencies, at 97.45, on track for a drop of 0.8% this week, its weakest performance in a month, though it bounced back 0.2% to 97.663 on Friday. Meanwhile, in Japan, though the trade deal signed with the U.S. this week could make it easier for the BOJ to continue rate hikes, the bruising loss for Prime Minister Shigeru Ishiba's coalition in upper house elections on Sunday complicates life for the BOJ. The yen was softer, thanks in part to below-expectations Tokyo inflation data, with the dollar last up 0.4% at 147.59 yen, though on course for a weekly 0.9% fall , the lowest since June 23. The euro was flat at $1.1741 , but set for a weekly gain of nearly 1%, its best showing in a month. The common currency took some support Thursday from the European Central Bank meeting. Policymakers left the policy rate at 2%, as expected, but the bank's relatively upbeat assessment of the economic outlook and signs that an EU-U.S. trade deal is near caused investors to reassess previous assumptions of one more rate cut this year. In contrast, soft British data is supporting expectations of more Bank of England rate cuts, and causing euro zone bond yields to rise faster than British ones, supporting the euro against the pound. The euro rose to 87.43 pence versus sterling on Friday, its highest since April, building on a 0.44% gain the previous day. . It was last up 0.4% at 87.42 pence. Data on Friday showed British retail sales data for June came in slightly below analysts' expectations, albeit rebounding from a sharp drop in May. Figures on Thursday showed business activity grew only weakly in July and employers cut jobs at the fastest pace in five months. Against the dollar, the pound fell 0.6% to $1.3434 .
