General Insurance Article - Chancellor must prioritise sustainability in Budget

 A letter to UK Chancellor Rishi Sunak acknowledges the economic challenges posed by the coronavirus pandemic. But it argues that it is vital any budgetary decisions made now do not place an unfair and unmanageable burden on younger and future generations. Other signatories to the letter include the Association of Consulting Actuaries, the Chartered Insurance Institute, the Pensions Management Institute and the Foundation for Democracy and Sustainable Development.

 Tan Suee Chieh, IFoA President, said: “This budget will set the tone for the way the UK emerges from the pandemic in the months and years ahead. We have a unique opportunity to build back better but this rebuild must not focus solely on what needs fixing now.

 Any decisions taken to support the UK’s economic recovery must be seen through an intergenerational lens.

 “The issues at hand, ranging from a health and social care system that can meet the needs of the ageing population to mitigating the risks of climate change to safeguard the future of the planet, require an all-in-government approach. We need to bake in the idea that all spending decisions are designed to protect future generations.”

 Lord Bird, said: “We urge the Chancellor to use the fiscal levers at his disposal not only to evidence that he has learnt the lessons of the pandemic, but also to heal the intergenerational divide, by taking a long term and cross-societal view of any upcoming package of economic measures.”