16 November 2022
Ahead of the UK Treasury’s Autumn Statement, the Institute and Faculty of Actuaries (IFoA) is calling on the Chancellor to consider the long term while addressing immediate economic concerns.
Matt Saker, IFoA President, said:
“It is understandable that the Chancellor might be tempted to address the current economic challenges by delivering short-term fixes. The temptation for quick fixes carries the risk of short-term wins at the expense of long-term pain. The future financial stability of the economy requires the government to build resilience in the economy through long-term thinking. This includes continued and sustainable infrastructure plans; investment in the ‘road to net zero’; encouraging and embedding the fledgling savings habits of the auto-enrolled generation; and crucially, not postponing the timebomb challenge of social care. It is essential that the Chancellor’s package of financial measures embeds resilience and has intergenerational fairness at its heart”.
~ENDS~
Sonia Sequeira, Media Relations Manager, IFoA
Tel: (+44)7525 592 198
Email: sonia.sequeira@actuaries.org.uk
Dani Wiggins
Tel: (+44)7760 136108
Email: ccag@firstlightgroup.io
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfill our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long-term management and planning are critical to the success of any business venture. They also advise individuals and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long-term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.
For all media queries please contact Sonia Sequeira, Media Relations Manager