Rishi Sunak told to axe 90,000 jobs to save UK from economic disaster
Prime Minister Rishi Sunak has been urged to cut 90,000 jobs from the civil service “Blob” to avoid a trillion-pound pension black hole bill bigger than the entire UK economy.
The number of retired civil servants receiving pensions of more than £100,000 annually has doubled in the past year, and the inflation-linked cast iron benefits are set to leap another seven per cent next April.
In just seven years more than 100,000 extra roles have been created, increasing the size of “The Blob”, as the civil service has been dubbed by some commentators, by 24 per cent.
Overall, the pay bill for the government workers has increased from £9.7billion in 2010 to £15.5billion in 2023. The public sector pensions bill was £116.7billion in 2021, according to The Sun.
Former political editor Trevor Kavanagh writes in the Sun that the only way to avoid a “nuclear mushroom cloud” of a pensions disaster is for the Prime Minister to slash jobs now.
READ MORE… Brit and US veterans build PTSD centre for Ukrainian soldiers and animals[LATEST]
He wrote: “It is us, the poor bloody taxpayers, who will always pick up the monstrous multi-billion pound tab for the blunders of here-today, gone-tomorrow politicians.
“Hang around for the next catastrophe — the £2.6trillion in unfunded pensions, more than the entire UK economy — to come screaming out of the black hole known as the public sector.
“Gold-plated, inflation-proof pensions for six million state workers — but barred to everybody else — are a national scandal waiting to burst upon those who will pay the eye-bleeding bill.”
Mr Kavanagh added that the “Ponzi scheme” had nothing from the Treasury to fund it and that “it will blow up in our faces”.
Don’t miss…
Britons need £240,000 extra pension wealth for a ‘comfortable’ 100-year life[LATEST]
Taking out of pensions to pay off mortgage could cost over £100k in retirement[LATEST]
Pension and Isa investors set for stock market rally as shares rebound[LATEST]
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
He warned that a former Bank of England economist, Neil Record, had already warned of a “debt so colossal, it is larger than the national debt”.
Mr Kavanagh, an Australian-British journalist, added that: “This Prime Minister, or the next, should relaunch pre-Covid plans to axe at least 90,000 civil service jobs and freeze recruitment.”
But he said he doubted any politician would have the stomach to make such a bold move because “the public sector, remember, is The Blob”.
This week Association of British Insurers (ABI) warned the Government should exercise “extreme caution” when exploring options for gold-plated pensions.
The Treasury is currently seeking advice on Definied Benefit (DB) pensions, often described as gold-plated because they promise pension savers a certain level of income when they retire, based on their salary.
Source: Read Full Article