Millions of people will have to work until the age of 66 from as early as 2016 under Tory plans to rise the retirement age in a bid to cut Britain’s budget deficit. Patrick Wintour, The Guardian.

So we’re going to have to pay back the deficit created by those fat cats in the city by working longer or will we? Bizarrely might well increase the deficit – how you ask?

Well the basic state pension for an individual is £95.25 now for there’s something called a Pension Credit which tops up your income to £130 if you are aged over 60 – so if currently if you are 65 then you get a pension of £95.25 under these proposals instead you’ll get £130 through the Pension Credit and not the £64.30 you’d get on Jobseekers allowance – not quite what the Tories had in mind. Of course not every 66 year-old will be unemployed, but linked with some of the Tories other policies unemployment is only going to increase.