The state pension age could rise to 69 by the 2040s, it has been announced.
In his Autumn Statement today, Chancellor George Osborne announced that as well as the potential for a lower age limit of 69, the existing plans to raise the state pension age from 65 to 68 will now be brought forward to the mid-2030s – a decade earlier than the date originally proposed, which was 2046. The move is projected to save the taxpayer about £500bn over the next 50 years.
The change means that, potentially, people who are in their teens and twenties today could face working into their seventies before they become eligible for state benefits.
According to the Telegraph, industry sources say that a consultation on opening up ISAs to peer-to-peer lending – sometimes referred to as crowd funding – is expected to be unveiled by George Osborne in the Autumn Statement on Thursday. It is believed that a consultation lasting three to four months will launch on Thursday, with any changes likely to take effect in April 2015.
Benefits for investors and savers
Peer-to-peer websites operate by linking savers to borrowers directly – often leading to better rates for both. Current tax rules mean individuals involved in peer to peer lending have to pay income tax on profits earned, with customers asked to include any interest on self-assessment tax returns. Supporters of the move to include peer to peer lending in ISAs argue that such a move will offer significant benefits to those already involved, as well as encouraging new investment.