ONS changes to turn UK into 'nation of savers'

Changes at the Office for National Statistics (ONS) which will count future pension rights as if they were present income will turn the UK into a nation of savers instantly, the Telegraph reports.

The reforms, the first for 15 years, will 'boost the size' of the economy, increase the amount of public debt and raise the savings ratio. The report said, as a result the body could revise up growth in 2012 and 2013. Similar changes have been made in the US, Canada and Australia. The report explained the ONS will look at research and development spending to calculate GDP, rather than using production costs. The alterations could add up to 5% to economic growth or about £75bn. The ONS is also set to count future pension rights as if they were present income. The large size of the ...