The Chancellor of the Exchequer George Osborne
The Chancellor, George Osborne, has this week announced the Budget for 2015/16. Mike Smith, joint Head of Public Affairs at Age UK, looks at how the Government’s proposals will affect older people.
Yesterday afternoon the Chancellor, George Osborne, stepped up to the despatch box to deliver the final Budget of this Government. This was always going to be a highly political Budget, with one eye firmly focussed on the election which is now just seven 7 weeks away. At Age UK we were looking out for announcements most likely to impact on older people up and down the country, as well as what was ‘missing’ – proposals we have been calling for which may not have been included.
So what was the main announcement in the Budget affecting older people? The most significant budget announcements for many older people are the pensions reforms for those who have already taken out an annuity. This follows the radical reforms to private pensions set out in last year’s Budget. This time around, the Chancellor announced that from April next year pensioners who already have a pension annuity will be able to sell their annuity income to a third party. This is likely to be welcomed by many older people who have taken out an annuity and feel they may have missed out on the reforms which come into effect in April. Continue reading
Posted in Budget, Campaigning, General Election 2015, Government
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