Britons may have to work till 70 years old under new austerity plans
LONDON (AFP) - Britons may have to work for longer before claiming a state pension, under further austerity plans to be presented by Finance Minister George Osborne in a Budget update on Thursday.
Chancellor of the Exchequer Osborne has already written to ministers explaining that another £3 billion (S$6 billion) will be cut from public spending over the next three years.
He is also expected to unveil upgraded official economic growth forecasts, as Britain's recovery picks up speed.
The Conservative-Liberal Democrat coalition government will seek to bring forward plans to extend the retirement age to 68 before they are entitled to a state pension, according to a government source.