The UK state pension age increase from 67 to 68 is to be brought forward, the Work and Pensions Secretary has announced.

The increase will take effect from 2037, seven years earlier than previously planned, David Gauke told the Commons.

He told MPs the Government was accepting the recommendation made in the Cridland review earlier this year.

Mr Gauke told the Commons that the changes would be brought in over two years.

This timetable would save the equivalent of around £400 per household as it would reduce the rise in pensions by 0.4% of GDP between 2039 and 2040. This amounts to a saving of £74 billion by 2045/46 compared with the previous proposals.

Mr Gauke said: "As the Cridland Review makes clear, the increases in life expectancy are to be celebrated, and I want to make clear that even the timetable for the rise that I'm announcing today, future pensioners can still expect on average more than 22 years in receipt of the state pension.

"But increasing longevity also presents challenges to the Government.

"There is a balance to be struck between funding of the state pension in years to come whilst also ensuring fairness for future generations of taxpayers."