Ministers have been warned that they must find the courage to scrap the UK’s “wasteful and expensive” state pension triple lock.
The mechanism should be phased out “the sooner, the better”, according to the Resolution Foundation think tank, formerly run by the Government’s pensions minister Torsten Bell.
The policy, which costs three times more than intended according to the Office for Budget Responsibility (OBR), ensures the state pension rises each year in line with inflation, wage increases or 2.5 per cent – whichever is highest.
Shorts
Speaking to The i Paper, the think tank’s economist Alex Clegg said the policy “isn’t designed well” and may not be the best use of money during “quite a tight fiscal reality”.
