Spending Review: Osborne saves state pension from welfare cap

Laura Miller
clock • 1 min read

Chancellor George Osborne has said he will cap the country's welfare budget each year for the next four years from April 2015 - but the state pension will not be included.

Announcing his Comprehensive Spending Review to parliament today, he said he was saving £18bn a year as a result of his changes to the welfare system. Further welfare changes announced today include a seven day wait before those out of work can claim benefits, and a requirement for them to attend a job centre once a week, up from once a fortnight. Claimants will also have to learn English and benefit eligibility will be linked to signing up to a new job search site. "The something for nothing culture of welfare will end," Osborne said. The Chancellor also said he will fund a freez...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot