Pensioners must share the burden of spending restraint
6 March 2015
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Removing the winter fuel allowance for the wealthiest 5% will barely scratch the surface
Commenting of Ed Miliband’s announcement on pensions, Professor Philip Booth, Editorial and Programme Director at the Institute of Economic Affairs, said:
“Politicians must stop immunising the elderly from spending restraint. Yet again, we have another party putting politics before sound economics at the expense of the working age population. The maintenance of the triple-lock on state pensions is irresponsible and irrational. State pension spending will rise by 42% as a proportion of national income between 2012 and 2062, putting a huge burden on younger generations.
“People retire earlier on average today than they did in the 1960s despite huge improvements in life expectancy. Politicians must have the courage to make fiscally responsible decisions, such as the faster introduction of a later state pension age and the abolition of non-means-tested benefits other than the state pension. The winter fuel allowance, the triple lock, free bus passes and free television licences should all be scrapped. Removing the winter fuel allowance for the wealthiest 5% will barely scratch the surface in terms of savings.”
To arrange an interview please contact Stephanie Lis, Head of Communications: 0207 799 8909 or 07766 221 268.
Notes to editors:
To arrange an interview please contact Stephanie Lis, Head of Communications: 0207 799 8909 or 07766 221 268.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
“Politicians must stop immunising the elderly from spending restraint. Yet again, we have another party putting politics before sound economics at the expense of the working age population. The maintenance of the triple-lock on state pensions is irresponsible and irrational. State pension spending will rise by 42% as a proportion of national income between 2012 and 2062, putting a huge burden on younger generations.
“People retire earlier on average today than they did in the 1960s despite huge improvements in life expectancy. Politicians must have the courage to make fiscally responsible decisions, such as the faster introduction of a later state pension age and the abolition of non-means-tested benefits other than the state pension. The winter fuel allowance, the triple lock, free bus passes and free television licences should all be scrapped. Removing the winter fuel allowance for the wealthiest 5% will barely scratch the surface in terms of savings.”
To arrange an interview please contact Stephanie Lis, Head of Communications: 0207 799 8909 or 07766 221 268.
Notes to editors:
To arrange an interview please contact Stephanie Lis, Head of Communications: 0207 799 8909 or 07766 221 268.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
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