Ahead of the Autumn Budget and Spending Review, due to be delivered on Wednesday 27 October, the Institute and Faculty of Actuaries (IFoA) is urging the UK Chancellor Rishi Sunak to consider the long-term spending implications of the Government’s climate proposals on future generations. IFoA President Louise Pryor said:

“The publication of the Government’s long-awaited Net Zero strategy was an important step on the UK’s path to its 2050 target. The strategy appears ambitious, but stops short of bold decisions on fossil fuel use. Irrespective of the gaps in policy, the way in which the proposals are implemented must have climate justice at their heart. Somebody born in 1950 in the UK has a lifetime carbon allowance of 794 tonnes of C02 if global warming is kept to within 1.5 degrees. For someone born in 2000, the lifetime allowance is considerably lower at 256 tonnes.

“HM Treasury’s own analysis of the Strategy rightly considers the implications of the just transition for both current and future taxpayers. We therefore urge the Chancellor to ensure that the implementation and funding of the measures is carried out fairly so that younger generations and low income households can benefit from the economic opportunities presented by the transition to net zero, without bearing the cost disproportionately. Significant upfront costs will be required to decarbonise our economy, but the cost of inaction will be far greater."

~ENDS~

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

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.