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Chancellor must prioritise sustainability and intergenerational fairness in UK Budget

The Institute and Faculty of Actuaries (IFoA), Lord Bird and a number of other organisations have joined forces to urge the government to carefully consider the long term implications of spending decisions in the 2021 Budget due to be delivered on Wednesday 3 March. A letter to UK Chancellor Rishi Sunak acknowledges the economic challenges posed by the coronavirus pandemic. But it argues that it is vital any budgetary decisions made now do not place an unfair and unmanageable burden on younger and future generations. Other signatories to the letter include the Association of Consulting Actuaries, the Chartered Insurance Institute, the Pensions Management Institute and the Foundation for Democracy and Sustainable Development.

Tan Suee Chieh, IFoA President, said:

This budget will set the tone for the way the UK emerges from the pandemic in the months and years ahead. We have a unique opportunity to build back better but this rebuild must not focus solely on what needs fixing now. Any decisions taken to support the UK’s economic recovery must be seen through an intergenerational lens.

“The issues at hand, ranging from a health and social care system that can meet the needs of the ageing population to mitigating the risks of climate change to safeguard the future of the planet, require an all-in-government approach. We need to bake in the idea that all spending decisions are designed to protect future generations.”

Lord Bird, said:

“We urge the Chancellor to use the fiscal levers at his disposal not only to evidence that he has learnt the lessons of the pandemic, but also to heal the intergenerational divide, by taking a long term and cross-societal view of any upcoming package of economic measures.”

~ENDS~                                                           

Contact
Sonia Sequeira, Media Relations Manager, IFoA
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk

Notes to Editor

  1. Letter to UK Chancellor Rishi Sunak. Institute and Faculty of Actuaries, 2 March 2021.

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.

Research undertaken by the IFoA is not commercial.  As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest. 

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.

Contact Details

For all media queries please contact Sonia Sequeira, Media Relations Manager

sonia.sequeira@actuaries.org.uk

+44 (0) 20 7632 2126

For out of hours, the Press Office can be contacted at: press.office@actuaries.org.uk. We aim to respond to all enquiries as quickly as possible.