Reform-linked thinktank proposes replacing state pension with investment accounts
A thinktank linked to Reform UK has proposed abolishing the state pension as part of a radical programme of tax cuts and economic reforms. The Centre for a Better Britain says the measures would boost productivity, investment and living standards, but they would require substantial reductions in public spending.
The 183-page report proposes replacing the state pension with personal lifetime investment accounts, including a £1,000 payment for each newborn, while retaining a means-tested safety net. It also calls for abolishing inheritance, capital gains, stamp duty, digital services and air passenger taxes, cutting corporation tax from 25% to 15%, and weakening some banking rules; the package would cost about £75bn, while the state pension is forecast to cost £146.1bn in 2025-26.
- Reform-linked thinktank proposes abolishing the state pension.
- £75bn of tax cuts would require major spending reductions.
- Personal investment accounts would replace universal pension payments.
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Originally published by The Guardian as “Thinktank linked to Reform UK calls for abolition of state pension”.