Around 1 in 11 people in the UK will be claiming the state pension by mid-2032
Around half of the Government’s current benefits bill is spent on the state pension is projected to rise by 1.7 million between mid-2022 and mid-2032, with 13.7 million people claiming the benefit by the end of that period.
is set to grow again to 15 million, a growth rate of 26 per cent over the 15-year period from 2032.bill is spent on the state pension, which cost £110.5bn between 2022 and 2023. The Office for Budget Responsibility expected this to grow to £124bn from 2023 to 2024.– which increases the pension by whichever is higher of inflation, average wages or 2.5 per cent – for the duration of the current Parliament. But it has been predicted that future governments may have to rethink pensions arrangements due to the rising costs and longer life expectancies. In early 2024, the International Longevity Centre suggested the UK would have to consider raising the state pension age to 72 by 2050 to tackle the growing bill. Currently, the state pension can be claimed at 66, and the weekly rate will rise by 4.1 per cent to £230.25 a week for the flat-rate pension and £176.45 for the basic state pension.is projected to rise by 7.3 per cent across the period, compared with an increase of 6.1 per cent over the previous 10 years. The UK population is projected to reach 72.5 million by mid-2032, up nearly 5 million from 67.6 million in mid-2022., which is projected to total 4.9 million over the 10 years to 2032. The level of net migration is projected to average 340,000 per year from mid-2028 onwards, lower than current levels. The number of births and deaths across the period is projected to be almost identical, with about 6.8 million births offset by 6.8 million deaths. England’s population is projected to grow more quickly than other UK nations, increasing by 7.8 per cent, compared with 5.9 per cent for Wales, 4.4 per cent for Scotland and 2.1 per cent for Northern Ireland. The ONS also provides a projection further into the future, covering the 25 years between mid-2022 and mid-2047, for which the total projected growth of the UK population is 8.9 million, a jump of 13.2 per cent. This is lower than the previous 25 years, from 1997 to 2022, when the population is estimated to have risen by 9.3 million, or 15.9 per cent.is set to rise, the population of children aged under 15 in the UK is set to drop slightly by 2047 due to By mid-2032, the number of children is projected to decrease by 797,000, a decrease of 6.4 per cent, from 12.4 million to 11.6 million. The child population is expected to stay largely the same up until 2047. However, the population of working-age adults is set to rise from 43.2 million to 47.3 million between mid-2022 and mid-2032 before hitting 49.9 million by 2047. This increased rate is much higher than any other life stage covered by the statistics.FOOTBALL
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