Farage: State pension age will have to rise faster
The Reform UK leader said the state of the economy and public finances meant plans to increase the standard retirement age to 68 had to be accelerated.
'I don't think we can really afford to [wait to the 2040s], to be frank,' Mr Farage said. 'If there is a sudden economic miracle, then it might change that. But it does not look to be happening any time soon.'
The state pension age is currently on course to rise to 67 by 2028 and to 68 by 2046.
Mr Farage said: 'I don't think the country has any choice. The state pension age will gradually have to be increased, in line with life expectancy. There is little doubt about it.'
His comments suggest that Reform UK would raise the retirement age more rapidly if it won power. Mr Farage's party has just four MPs but is currently leading in the opinion polls.
Mr Farage was speaking after the Government launched a new pensions review on Monday, raising the prospect that six million Britons could be forced to delay their retirements.
Raising the retirement age sooner than planned is politically controversial. Previous plans to do so were abandoned by former chancellor Jeremy Hunt amid concerns he would struggle to justify the change.
Liz Kendall, the Work and Pensions Secretary, said this week she was 'under no illusions' about the scale of the challenges facing both workers and the public purse as the country ages.
Triple lock could cost taxpayers £40bn a year
The Institute for Fiscal Studies (IFS) raised concerns about the sustainability of the state pension system earlier this month. It said a 'substantial' increase in the retirement age would be required to maintain the triple lock guarantee, which guarantees payments rise by at least 2.5pc a year.
Without changes to the retirement age, the think tank 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.
The IFS estimated that a year increase in the state pension age would save the Treasury £6bn per year.
The strain on public finances was highlighted on Tuesday by official figures that showed the Government borrowed another £20.7bn in June. That was the highest for any June on record outside the pandemic year of 2020.
Interest payments on the £2.9tn national debt almost doubled compared with June of last year, while higher public sector pay and spending plans are also adding to borrowing.
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