Labour told to axe state pension triple lock and invest in Britain’s youth

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleThe Resolution Foundation has urged Labour to abolish the state pension triple lock, citing its exorbitant cost and the potential to free up funds to tackle Britain's youth unemployment crisis. New research from the think tank reveals the triple lock is the largest contributor to increased welfare spending this parliament, forecast to cost an additional £13.8 billion by 2029/30. The report proposes replacing the triple lock with a “smoothed” earnings link, which could save £650 million annually, enough to triple funding for Labour's ‘youth guarantee' employment scheme. Researchers argue that despite its high cost, the triple lock has not effectively reduced pensioner poverty, with rates increasing by 2.3 percentage points since its implementation. This recommendation aligns with recent comments from former Labour prime minister Tony Blair, who also called for an end to the “unsustainable” policy. In fullLabour urged to ‘call time’ on the triple lock to cut welfare spendingThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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