Pension Pledge Will Squeeze Young People
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Reem Ibrahim writes for CapX
Reem wrote:
“The new ‘triple lock plus’ policy is estimated to cost £2.4bn a year by 2029-30. In Sunak’s words, ‘thanks to the Conservatives’ Triple Lock, pensions have risen by £900 this year and now we will cut their taxes by around £100 next year’.
“This is an astronomical handout to a large section of society that simply does not need it. A quarter of pensioners are millionaires – yes, millionaires – reaching 3.1m in 2020. And who could be surprised? This is the generation who benefited from an era of strong economic growth, much lower house prices, and as a result, were less likely to be in poverty than younger generations.
“Meanwhile, in recent years, many workers saw a real-term decline in their incomes, are facing a stagnant economy and tax increases as a result of frozen brackets. Younger people are also facing immense difficulties getting onto the housing ladder, with the median home now costing over 8 times average earnings.”
Read Reem’s full piece here.
Reem was also quoted in The i criticising the proposals.