The IFS is right to highlight the precarious nature of our current provision for pensioners - McDonnell

John McDonnell MP, Labour’s Shadow Chancellor, responds to IFS findings that our pension and social care systems load too much risk onto individuals, said:

"The IFS is right to highlight the precarious nature of our current provision for pensioners.

"The catastrophic costs that face many with care needs are an obvious example of why we as a society need collective, shared solutions to the challenges of ageing.

"Labour will properly fund local government and put an extra £8 billion more into our care system."

Ends

Notes to editors

• ·         At the 2017 General Election Labour pledged an additional £8billion of social care spending across a Parliament
• ·         Recent announcements on Labour's additional care funding: https://labour.org.uk/press/older-disabled-adults-nearly-2-billion-worse-off-since-scrapping-social-care-cost-cap/, https://www.theguardian.com/politics/2019/apr/26/labour-lays-out-plans-for-social-care-reform-ahead-of-local-elections
• ·         According to recent figures only 35% of non-eligible workers are saving into a pension and the rate of self-employed people saving into a pension has declined to 15% https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/806513/workplace-pension-participation-and-saving-trends-2008-2018.pdf