Pensions

Class war Sir: Your leading article, ‘More in common’ (24 January), laments the ‘civil war’ between Reform and the Conservatives. But this division goes much deeper. Reform’s core support is the patriotic white working class in the so-called Red Wall seats – the people (often male) who supported Brexit and flocked to Boris Johnson in 2019 when he promised to get Brexit done. They are cultural conservatives but economic statists. That’s why (against his better instincts) Nigel Farage backs steel and water nationalisation and is soft on welfare and pensions. Reform’s natural political bedfellows are not the Tories, but the SDP (left economically, right culturally). This leaves the Conservatives, potentially,

Waning interest Sir: Michael Simmons correctly points out that the Treasury’s large-scale issuance of inflation-linked debt is adding heavily to the government’s interest bill at a time of relatively high inflation (‘Borrowed time’, 30 August). What he may not know is how complacent the Treasury has been about this matter. On the day Vladimir Putin invaded Ukraine in February 2022, I was interviewed for the role of chairman of the Debt Management Office. I suggested that a post-Covid inflation surge had started and that additionally oil prices might increase significantly because of the invasion leading to a need for higher interest rates. Pointing out that nearly a third of UK

Coined terms Liz Williams, a Reform UK council candidate in May’s local elections, began a High Court action trying to overturn the result after she lost on the toss of a coin, having tied with the Green candidate Hannah Robson. The toss of a coin has been used several times to decide local elections. Has chance favoured a particular party? 1987  Labour candidate Bob Blizzard defeated the Conservative May Reader in Pakefield Ward of Waveney District Council after the toss of a coin. 2000  Labour defeated the Conservatives on the toss of a coin in the Worksop North East ward of Bassetlaw District Council. 2007  The Tory Christopher Underwood-Frost defeated

Every four weeks the government sends me my state pension. Those words have a socialist, almost Soviet, ring. The amount has recently risen to £11,973 a year – a preposterous sum to send a 67-year-old man still in paid employment. But from the state’s point of view, the money is not entirely wasted: it buys a kind of loyalty. Because I accept the money, and do so with a certain pleasure, I am bound into the system and am less likely to say it’s a bad one. I’ve allowed myself to become a dependent. I may criticise the way the welfare state is run and demand improvements in the administration

Amber Rudd left the Home Office over the Windrush scandal and has joined the Work and Pensions department just as its flagship benefits reform is under fire from all angles. The new Secretary of State spent most of her first session at the dispatch box this afternoon answering questions on Universal Credit – and she had arrived determined to strike a rather different tone from her predecessor. Esther McVey, who resigned from the role last week, had garnered a reputation for being rather hardline when dealing with criticisms of the benefit roll-out, while also managing to give far more away about some of its problems than Number 10 would have

Hedge funds have already spotted it: Jim Mellon’s latest book, Juvenescence, reviews the new science that will lengthen our lives by 20 years. Through regeneration (stem cell) and repair (DNA) technologies, we’ll soon be living healthily and happily to 110 or more. How soon? Who knows. But the repercussions will be enormous. Major insurance companies will go bust; speculators will make a fortune shorting them; 90-year-olds who bought annuities will become destitute when their annuity provider fails; there will have to be a total rethink of the nation’s state pension age. The annuity recipients; those without savings; company pension funds (many of which are already in negative cash flow): all