Pension triple lock follows politics – not economics
16 August 2023
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In the Media
Christopher Snowdon quoted by The Daily Mail
16 August 2023
Economics
Housing and Planning
Julian Jessop quoted in The Express
IEA Economics Fellow Julian Jessop has been featured in an Express piece explaining the political game governments must play when changing the pension triple lock.
The Express quoted:
“It looks like the July numbers will be 7.5 percent or maybe even as high as eight percent. That will be higher than the inflation number and therefore add to the cost of the triple lock.
“They did suspend the triple lock two years ago because of distortions due to COVID-19, there might be a case to change it now due to distortions with regard to the cost-of-living crisis.
“I think, politically, they will stick with the triple lock because there’s an election probably next year, so they won’t change it. But it’s another reminder of the underlying problems of having a mechanism that always gives the best possible deal for pensioners regardless of what the underlying economic circumstances are.”
You can read the full article here.
The Express quoted:
“It looks like the July numbers will be 7.5 percent or maybe even as high as eight percent. That will be higher than the inflation number and therefore add to the cost of the triple lock.
“They did suspend the triple lock two years ago because of distortions due to COVID-19, there might be a case to change it now due to distortions with regard to the cost-of-living crisis.
“I think, politically, they will stick with the triple lock because there’s an election probably next year, so they won’t change it. But it’s another reminder of the underlying problems of having a mechanism that always gives the best possible deal for pensioners regardless of what the underlying economic circumstances are.”
You can read the full article here.
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