Changes at the Office for National Statistics (ONS) which will count future pension rights as if they were present income will turn the UK into a nation of savers instantly, the Telegraph reports.
The reforms, the first for 15 years, will 'boost the size' of the economy, increase the amount of public debt and raise the savings ratio. The report said, as a result the body could revise up growth in 2012 and 2013. Similar changes have been made in the US, Canada and Australia. The report explained the ONS will look at research and development spending to calculate GDP, rather than using production costs. The alterations could add up to 5% to economic growth or about £75bn. The ONS is also set to count future pension rights as if they were present income. The large size of the ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
