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The gift that keeps on giving (or taking depending on whether you work or not).
Is it even a controversial position to say something has to give soon? Looking at another 8% rise next year, increasing the total pension spend by 15 billion I think - the equivalent of ~£500 more tax per working person whilst every other pay rise is considered unaffordable and inflationary.
Obviously wherever Sunak goes, Starmer must follow so I don't think there is any hope of getting rid of it.
Anyone want to take a stab at why means testing at the very least the inflation-matching increases wouldn't be prudent at this point?
And let's take a moment to remember that 25% of those over 65 live in a household with over 1 million in assets. Appreciate that will often include the house itself, but its still wealth and still provides context behind inflation linked rises for them and real pay cuts for most working age people.
For pensioners like myself and my wife the state pension will pay for Council tax, utilities, tv licence, home and car insurance, basic mobile phone packages, and a tank full of petrol once a week. Fortunate enough not to need benefits of any kind, but likewise the pension just covers the overheads and nothing more. However the phrase you use, 'something has to give soon' is exactly what those who understand the principle of 'no such thing as a free lunch' is so relevant. Who wants to govern for the next 5 years ? I doubt no-one is really looking forward to the prospect..
The reduction in pensioner poverty is a success story in recent years, but I agree. Money is finite and the focus should shift elsewhere
So since the Blair years we have seen a substantial reduction in pensioner poverty
It's therefore time for them to take a hit
But they won't because pensioners vote ......and vote mostly tory
You can see why the triple lock is pushed by the conservatives
It's their core vote
the triple lock is unsustainable. With each passing year pensions form a larger part of government spending, as they rise no matter what. Coupled with the rising number of people living longer... tick tick boom. time bomb.
Under labour, the percentage of pensioners in poverty halved. Since the tories have been in power it has increased by 38%.
Pretty much all the main parties agree behind closed doors that the triple lock is unsustainable, but none of them want to be the one who removes it
Triple lock introduced by evil Tory Osborne is evil.
I can only speak for myself here, but, although I’m hardly wealthy, I can get by on the work and state pensions I receive and it’s wrong that I will receive close to twenty per cent more in my state pension over two years when you see the sort of figures being offered to some of those involved in current long running pay disputes.
they have done well for themselves , punish them , a fascinating insight into the world of people who scratch expensive cars