Today marks the implementation of the new state pensions system amid fears that millions will lose out. While the self-employed and women who have taken career breaks will be the biggest beneficiaries, many of those in their 20s and 30s will receive less than they would under the old system.
In the biggest shake-up to the state pension since it was introduced more than a century ago, a single tier or flat rate scheme worth £155.65 a week will be introduced. But figures from the Pensions Policy Institute suggest 11 million in their 20s and 30s could be worse off. Other losers include widows. This is because the the top-up scheme known as the state second pension has been abolished.
Now the Institute of Fiscal Studies has suggested that ministers may have misled the public by exaggerating the simplicity of the new state pension. Its
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Donald Trump has refused to rule out an American recession. He ‘hates to predict things like this’, he said yesterday. When asked if a downturn was coming this year, the President responded that a ‘period of transition’ was on the cards. On Thursday last week the Atlanta Fed’s GDP ‘nowcast’ model was forecasting that America’s
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