3/3 “… that people who need the support get it, but people who are able to work are given the support to get back into work.”.

2/3 “… or on Zoom or whatever, as they would be if they were face-to-face by better trained and supported assessors. We are changing that by giving DWP the resource to recruit more trained assessors and deliver more face-to-face assessments to ensure…”.

1/3 Rachel Reeves MP, Chancellor of the Exchequer, said: “Before Covid, 7 in 10 assessments for Personal Independence Payments were done face-to-face. It’s now 1 in 10. I don’t think anyone truly believes that those assessments are going to be as effective on the phone…”.

2/2 “…is automatic enrolment into pensions which has brought 11 million people into saving for retirement who weren’t previously doing so. The truth is, a lot of people, even with automatic enrolment, find that their pension pot is not worth as much as they need it to be.”.

1/2 Rachel Reeves MP, Chancellor of the Exchequer, said “On Monday we launched a Pensions Commission to look at the adequacy of pensions in retirement and also the State Pension age. One of the most transformational pieces of public policy in the last couple of decades…”.

2/2 “We’ve got the lowest private investment total as a share of GDP of any country in the G7. The result of that is our productivity performance has not kept pace with our competitors. That’s why the fiscal rules that I have set out do treat investment spending differently.”.

1/2 Rachel Reeves MP, Chancellor of the Exchequer, said: “The key problem of the UK economy is productivity. Investment is the answer, that’s investment in human capital, physical capital, and also in new technology. That’s in both the public and private sectors.”.

Join us tomorrow at 2pm for the Annual Scrutiny Session with the Chancellor of the Exchequer, @RachelReevesMP, @hmtreasury . Watch it live:

2/2 “… over the next 50 years is that they put intense and growing pressure on the public finances. Government spending rises from about 40% of GDP today, to 60% by the time we get to the 2070s.”.

1/2 Richard Hughes from @OBR_UK: “If you run the current demographic projections through the current government’s policy settings on things like demand for healthcare, the welfare system, the pension system, and the tax system, what you will see. ”.

3/3 “The share of young people aged 0-15 falls from 20% to 15%, the share of people of working age 16-64 falls from 61% to 58%, and the share of people over 65 rises from 19% to 27%.”.

2/3 “You’re roughly going from three people of working age for every one person over 65 today, to two people of working age for every one person over 65 in the early 2070s.”.

1/3 Richard Hughes from @OBR_UK: “The ONS’s long-term population projections shows that over the next 50 years the old age dependency ratio will increase from around 31% today to 47% by the time we get to the early 2070s.”.

At 3pm tomorrow, @OBR_UK will be giving evidence to our inquiry on the impact of ageing on the UK economy. Join us as we hear from Richard Hughes, Prof. David Miles CBE, and Tom Josephs:

3/3 “Also, policy is restrictive therefore interest rates are higher and therefore more attractive for saving. What people don’t say, which is what you may have heard previously, is that they’re not saving more because of fear of losing their jobs.”.

2/3 “… in the way that models based on history would tell you that you might expect it to. The savings rate by historical standards is high at the moment. We think this is a reflection of people rebuilding the real value of their savings after the inflation experience.”.

1/3 @bankofengland Governor: “For over two years we’ve had a positive increase in real household incomes as we’ve come out of the inflation period and wage increases have stayed higher. That has not come through to household consumption…”.

2/2 “If for instance the imposition of tariffs leads to the redirection of exports from China to other countries, including the UK, that could have a downward effect on inflation. If on the other hand it disrupts supply chains, inflation could go the other way.”.

1/2 @bankofengland Governor: “Fragmenting the world economy is bad for activity and productivity growth. Without as much trade it’s bad for spreading innovation. The effect on inflation is much more ambiguous.”.

2/2 “We have one agreement so far with the UK which isn’t implemented yet, but that’s it at the moment. We don’t know where all this is going to go to.”.