12 July 2024
Ahead of the King’s Speech at the State Opening of UK Parliament on 17 July, the Institute and Faculty of Actuaries (IFoA) is 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.
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.
Our policy prospectus, ‘Beyond the Next Parliament’, demonstrates how an alternative approach to policymaking can make the Government’s first King’s Speech a roadmap for the long-term, whilst encouraging the economic growth that is needed to deliver widespread reform.
IFoA President Kalpana Shah said:
“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.
“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.”
~ENDS~
Sonia Sequeira, Communications Lead, IFoA
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk
Beyond the next Parliament: The case for long-term policy making. Institute and Faculty of Actuaries. September 2023.
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.