The triple lock
OK here goes, the triple lock is and always was a terrible idea.
There I said it.
It was the most appallingly cynical ploy to promise pensioners ever larger pensions, in a successful attempt to buy their votes. There was no economic or social reason for it, it was pure politics.
Now of course it has become a political millstone. Like the winter fuel allowance that goes to millions who don’t need it, the triple lock is no longer as clever as it looked.
Pensions should be higher than they are, but they should be decided by sound economic judgement and targeting money at those who need it most. They shouldn’t be guaranteed to rise whatever the cost or regardless of government finances or just because politicians are too cowardly to tell the truth.
It is a bribe.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
Jonty. longish time reader and have consistently endorsed your perspective on events. Sadly disagree on todays post while understanding the feelings you express. Tactically, abandoning the “TL” makes it easier to undermine benefit uprating which we need to support. In the longer term the even more important strategic point is that TL defines the *future* level of the state pension. So the losers would be your children and grandchildren’s and their state pension. And because increases compound year on year the losses would be substantial for them. If it’s generational equity you are after then by all means introduce a TL for Child Benefit......I would warmly support that esp if the tax reliefs available to wealthy pensioners were withdrawn.