28 September 2023
Ahead of the next UK general election, expected in 2024, the Institute and Faculty of Actuaries has today published a policy prospectus titled Beyond the next Parliament: The case for long-term policymaking.
The prospectus argues that for various reasons, policymaking has suffered from a lack of long termism for many years and advocates a re-focusing on the many issues that require a longer-term view: including pensions adequacy, adult social care, climate, infrastructure investment, and artificial intelligence.
Throughout the prospectus, the role of the actuarial profession as long-term risk modellers is highlighted, including how it is uniquely positioned to help address many of the key challenges the UK faces. As thought leaders across a number of policy areas, this work will support our engagement with parliamentarians and policy institutions in the run up to the election and beyond, as we make the case for long-term thinking.
Commenting on the publication of Beyond the next Parliament, Rt Hon David Heath CBE, Chair of the IFoA Policy Advisory Group, said:
“This report is both timely and necessary. Actuaries are experts in long-term risk management across several key sectors and take a rigorous, dispassionate and meticulous approach to their work. They are right to lay down this challenge to all politicians to recognise the need to scan more distant horizons.
“We understand that fire-fighting and planning for long-term resilience are not easy to do at the same time. But societal issues such as population health, social care, climate change and resource management are in urgent need of a head-on approach and a recognition that driving effective solutions will go well beyond the parliamentary term.”