Tax and Fiscal Policy

Pension Pledge Will Squeeze Young People


In the Media

Christopher Snowdon quoted in The Sun

In the Media

Julian Jessop quoted in The Express

Reem Ibrahim writes for CapX

IEA Communications Officer Reem Ibrahim has written for CapX discussing proposals for a ‘Quadruple Lock’ on pensions.

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.

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