Chancellor Rachel Reeves is catching serious flak after her Spring Statement skirted around one of the UK’s most pressing financial issues – the future of the state pension. With the government’s spending under the spotlight and big announcements made around welfare reform and public sector cuts, many were left scratching their heads as pension reform didn’t get so much as a mention.
And it’s not like the issue’s gone unnoticed. The cost of the state pension is ballooning – it now makes up a whopping 46% of the Department for Work and Pensions’ total spending. In real terms, that’s £124.1 billion for the current tax year, with projections shooting up to £169.4 billion by 2029/30, reported GB News.
