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    • larochelleuk
    • By larochelleuk 20th Feb 17, 2:50 PM
    • 96Posts
    • 11Thanks
    How Brexit impacts over 50s - thread
    • #1
    • 20th Feb 17, 2:50 PM
    How Brexit impacts over 50s - thread 20th Feb 17 at 2:50 PM
    Whatever your view on Brexit, it's clearly a gamble and probably wise to prepare for choppy waters ahead in terms of financial security. Here's a thread for news and discussion of how Britain may change for over 50's.

    Pensioners '£105 worse off within five years' as UK faces £1.3 billion Brexit black hole

    Britain's 12 million pensioners are likely to be £105 a year worse off within five years.

    The nation’s pension pot is facing a looming !£1.3billion black hole due to Brexit, warn figures from the independent Office for Budget Responsibilty.

    The state pension is set using a triple lock system which means it rises in line with earnings, inflation or 2.5 per cent, whichever is the highest.

    The OBR predicts this will be average earnings until 2019 but from 2020-21 the increases will be just the 2.5 per cent figure – hence the £1.3billion shortfall, reports the Sunday People.

    Former Lib Dem Health Minister Norman Lamb said: “No one voted to make pensioners £105 a year worse off.

    "If the Government wants to avoid making the situation worse, they must reject a hard and destructive Brexit.”

    Paul Johnson, of the Institute for Fiscal Studies think tank, said pay stagnation will be the worst in 70 years. That means workers will be earning no more in 2021 than they were in 2008.

    Pensions are also under threat from a review over whether to scrap the triple lock."
Page 4
    • Altarf
    • By Altarf 18th Apr 17, 6:08 PM
    • 2,775 Posts
    • 1,634 Thanks
    Impacts for the over 50s; a few off the top of my head -

    Healthcare - Removal of free movement would have an impact on areas that had significant numbers of non-UK workers, such as healthcare and care homes, driving down availability and pushing up cost to consumers.

    Overseas retirement - Again removal of free movement would have an impact, particularly if there were no agreements to use local health services and health insurance had to be bought. For anyone receiving a pension in sterling, the value of the pound is important.

    Food prices - How the UK decides to deal with UK farmers once they are no longer receiving EU CAP subsidies and the UK has a choice of whether to continue to pay farmers and keep food prices down.

    Economy - Tricky times ahead. Quite hard for manufacturing industries that deal with EU suppliers/customers to do 'just in time delivery' with export/import entries required every time the goods move across the border. Interesting situation for the UK's finance industry if equivalent passporting arrangements are not negotiated. Fun for employer's in general if their cheap EU workforce disappears and they have to recruit from the UK unemployed; but a possible benefit to the UK if there is a reduction in unemployed and the payment of benefits.

    Pensions - If the economy is doing poorly and the government has less money, the temptation may be to cut benefits, including age related benefits.

    Housing - Some areas would likely see a reduction in house prices and rent with the departure of EU workers. In other areas such as London where there are other influences, probably not. Mixed blessings for over 50s who are usually downsizing and not climbing the housing ladder, and those with 'buy to let' may see falling rents.
    • Browntoa
    • By Browntoa 20th Apr 17, 10:30 AM
    • 30,893 Posts
    • 36,543 Thanks
    That's interesting, where did you hear that? A UKIP conference?
    Originally posted by StevieJ

    aaaahh , the backhanded accusation that anyone who dares counter the "Brexit is the end of the world" mantra is a UKIP voter

    I was only pointing out that NOBODY knows either way what will happen with EHIC but the scare headline about travel insurance costing many thousands for travel to Europe is a nonsense

    Travel Insurance to the USA (one of the most expensive in the world for medical treatment) with health problems comes in at a few £100 max
    Last edited by Browntoa; 20-04-2017 at 10:34 AM.
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