The Institute and Faculty of Actuaries (IFoA) has released a strong statement, calling on the new Government to set out a bold and ambitious legislative agenda to tackle the most pressing long-term issues facing the UK. The call was made before the King gives his parliamentary address, which is set for Wednesday (July 17).
“Actuaries have been highlighting the impact of short-term thinking across several areas, from the prolonged strain on the adult social care system, and underinvestment in key infrastructure projects, to meeting the demands of an ageing population and protecting our planet for generations to come. Without a strategic re-focusing on the big-picture challenges that society faces, we risk sleepwalking into further danger,” said the IFoA in a statement published on its website.
“During the election campaign, the Prime Minister advocated an end to ‘sticking-plaster politics’ and an ambition to usher in a ‘decade of national renewal’. As experts in risk management, we believe this can only be done by adopting a long-term approach to policymaking,” IFoA president Kalpana Shah said. “The start of a new parliamentary session provides the perfect opportunity to reset the policy agenda, with a King’s Speech that sets the tone for the long-term. The IFoA looks forward to engaging with the new Government and across the political spectrum, as we highlight the ways in which our sector’s skills, knowledge, and expertise can help to achieve this goal.”
Last year, the IFoA also issued a strong statement regarding the negative effect of “short-term” thinking among policymakers, especially on the adult social care system and infrastructure projects in the UK.
“As experts in long-term risk management, the actuarial profession is advocating a return to long-term thinking as we approach the next UK general election. As a result, our policy prospectus Beyond the next Parliament, suggests ways in which [the] government and others can take an alternative approach to ensure a longer time horizon is considered in the policymaking process,” the IFoA said in its statement titled “Beyond the next Parliament: The case for long-term policymaking,” issued on September 28, 2023.
“We believe there is a golden opportunity to reset the policy agenda, with a focus on the long term, no matter who gains the keys to 10 Downing Street. The IFoA looks forward to engaging across the political spectrum, as we highlight the ways our sector’s skills, knowledge, and expertise can help to achieve this goal,” the statement concluded.
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