Budget 2021: Covid deaths set to cut state pension costs
Forecasts suggests inheritance tax receipts will also rise, partly due to over-65s dying of Covid
Getty ImagesThe amount the government has to spend on state pensions will fall by £1.5bn by 2022, partly because of over-65s dying of Covid, forecasts suggest.The government will also receive an extra £0.9bn from inheritance tax, partly due to Covid-related deaths.
The figures have been published by the Office for Budget Responsibility (OBR) - the government's fiscal watchdog.It said it had "revised up our assumption for excess deaths this year and next relative to November".More than 144,000 deaths involving Covid-19 have occurred in the UK since the start of the pandemic, figures published by the UK's statistics agencies show.
The majority of coronavirus deaths have been among people aged over 65, many of whom will have been receiving the state pension.The OBR estimates spending on the state pension will fall by £600m in 2020-21 and £900m in 2021-22 compared with forecasts made before the pandemic. headtopics.com
The watchdog said the forecast for lower state pension spending was partly because of the weaker outlook for average earnings growth, which lowers the effect of the yearly triple lock uprating.But it added that excess deaths due to the pandemic have also reduced the number of people receiving pensions.
"With virus-related deaths rising sharply again in recent months, we have revised up the number of excess pensioner-age deaths in 2020-21 from 90,000 in our November forecast to around 100,000 in this one,"the OBR said in its Economic And Fiscal Outlook
, which is published alongside the Budget.It has increased its forecast because: "Higher virus-related deaths in the current wave of the virus have outweighed the effect of lockdown reducing deaths from other causes, particularly from influenza and other respiratory diseases".
Meanwhile the Treasury predicted that inheritance tax receipts will increase from £5.1bn in 2019-20 to £6bn in 2021-22, before falling to £5.8bn the following year. Read more: BBC News (UK) »
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I always trusted the BBC! What kind of headline is that? Really we deserve the BBC to answer how they justify the headline? What an uncouth head line, it doesn’t take a genius to know that. Said this months ago. Cuntservatives saw an opportunity to make money for themselves out of this pandemic. Letting covid rip through care homes at the start, the in and out of lockdown, the u-turns all perpetuated the virus & generated money from contracts tied to covid (PPE etc)
By how much? Figures should be available. No we’re getting there !! Disgusting, attention grabbing, thoughtless and typically insensitive headline Every cloud says the BBC. Never trust the BBC. Can I have some of that ? I think we all realised that a while ago. The tories will be so happy. Tell me something, how many old geezers have died that sat in the House of Lords. Nah, they’re too well taken care of.
Disgusting reporting.. Callous uncaring b***rds is all I have to say about Vile BBC .scum media.. Why on earth post the obvious when so many families are still grieving? I don't think government thought about pension costs when trying to roll out the vaccines for pensioners. That's a really cruel sick tweet by the BBC.
Tories do not value human life This was all part of the Cummings 'Let Them Die' comment It was part of the cull the 'non-contributors' Eugenics plan It was all denied by Nos 10... Then a week later Cummings departs. The article slips in the 144K death number... Eventually the true number will come out...
Yá se sabía! Era parte del objetivo, para que los adinerados, tengan más fortuna! 😬 Is that how you want to report that? really Who’s next People died and your headline makes it sound like a celebration! You should be very ashamed. torybritain This was exactly what the tories had in mind. Hence herd immunity
NC6581191 Jesus Christ that’s grim Another BS statement by the corrupt BBC. To think that we are made to pay for this detritus organisation DefundTheBBC The government's herd immunity plan to cull the elderly went well then.... alexnicholson7 How convenient. They must be still a bit short of a target as mask are still not mandatory.
Completely dehumanizing headline. You know this is dehumanising stuff right? Maybe MPs will cease their ridiculous comments 'were all living longer ' as a justification for making people work longer and cutting benefits Disgustingly low even for the BBC Great news Fucking hell! The Nazis followed this route.
BBC now almost celebrating eugenics in their endless arselicking of government Explains why the Tories pursued a herd immunity strategy and let COVID-19 spread like wildfire in care homes This makes me feel physically sick 😪 Non taxpayers (including pensioners) are bottom of the list in the government’s thoughts. Luckily they have a vote otherwise they’d literally be forgotten.
Was always the plan! ToryIncompetence +1 point to the Conspiracy theorists Goodness me, who would have conspiracy theoried that a year ago!! I’ve lost track of how many theories were corrupt Eugenics in action. Who would have thought Plus inheritance taxes cha cha ching ching. Was that the plan? 🤔 That is what they banked on.
Fantastic Cause the Tories killed them all. Now I understand!🤔🥴