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The cost of public service pensions

“My report today sets out clearly the facts surrounding current cash payments from the public service pay-as-you-go pension schemes and the basis for future projections of these payments. The Treasury has performed some analysis on the sensitivity of its projections to changing assumptions, but has not considered the potentially significant effects of changes in the size of the public service workforce.

 

“Later this year I intend to report to Parliament on recent changes to the schemes, which are designed partly to reduce costs.”

Published:
12 Mar 2010

Maintaining financial stability across the United Kingdom’s banking system

“It is difficult to imagine the scale of the consequences for the economy and society if major banks had been allowed to collapse. The Treasury was justified in using taxpayers’ money to safeguard savings and stabilise and restore confidence in the financial system.

 

“But the big question is what all of this will eventually cost the taxpayer. This will take time to answer. What we do know is that how the eventual sale of RBS and Lloyds is managed will be crucial to protecting the public interest. The structure of the UK banking system has changed beyond recognition. When it comes to selling its stakes in the banks, the government has to be mindful of the proceeds for the taxpayer but also of the implications for competition in the UK market, so that customers get a fair deal.

 

“As the crisis begins to subside, lessons must start to be learned. The authorities need to put formal arrangements in place to evaluate the effectiveness of the support provided to banks in order to inform future policy makers.”

Published:
4 Dec 2009