IEA Communications Officer Harrison Griffiths has appeared on GB News to discuss the delay in bringing forward the increase in the state pension age to 68.

Harrison said:

“I think this is more ‘kicking the can down the road’ and unfortunately we’ve had a bit too much of that over recent years. When it comes to pensions, there is a problem that someone will have to deal with at some point.

“In 2037, over a quarter of Brits are going to be over the age of 65. During the time when life expectancy has increased, we have seen birth rates decline significantly, so we’ve got a smaller group of taxpayers needing to prop up an increasing group of pensioners.

“Currently, there are 28 pensioners for every 100 working age people, by 2050, that’s going to be 48 pensioners. It is, fundamentally, an unsustainable system which has always been predicated, to some extent, on a lie: people are paying tax to support the existing cohort of pensioners and hoping that someone will still be there to pay for them.”

Watch the full appearance here (1:17:58).