The triple lock was introduced by former Prime Minister David Cameron’s 2010 coalition government and has been retained by successive administrations, despite becoming steadily more expensive as the population ages.<\/p>\n
It is seen as popular with older people, who tend to vote in greater numbers, but has been criticised for being unfair on younger generations.<\/p>\n
The IEA think tank said Reform UK’s commitment to the pensions triple lock was “hugely disappointing”.<\/p>\n
“It confirms that no major party is willing to be honest with voters about the cost of Britain’s growing pension obligations,” said Dr Kristian Niemietz, editorial director of the IEA said.<\/p>\n
“The triple lock is one of the most expensive commitments in British public policy, it is an electoral bribe with a compound interest rate.”<\/p>\n
The Centre for Policy Studies think tank said it was sceptical of Reform UK’s promise of “radical change”.<\/p>\n
“Spending on pensions, along with spending on the NHS and working age and child welfare, is on an unsustainable trajectory and no party is willing to tell the truth about how much this will cost the country,” said CPS’s head of economic and fiscal policy, Daniel Herring.<\/p>\n
The UK state pension is set to rise by 4.7% from 6 April 6, driven by average earnings growth.<\/p>\n
The Conservatives have ruled out scrapping the triple lock.<\/p>\n
Labour and the Liberal Democrats are also committed to keeping the triple lock.<\/p>\n
But ahead of the 2024 general election, the Green Party proposed changing the triple lock to a double lock, ensuring pensions rise by the higher of inflation or earnings.<\/p>\n","protected":false},"excerpt":{"rendered":"The triple lock was introduced by former Prime Minister David Cameron’s 2010 coalition government and has been retained…\n","protected":false},"author":2,"featured_media":509904,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":{"0":"post-509903","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-personal-finance","11":"tag-personalfinance","12":"tag-uk","13":"tag-united-kingdom","14":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/509903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=509903"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/509903\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/509904"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=509903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=509903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=509903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}