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The pensions triple lock is one of those policies that – despite only being introduced in 2010 – now feels so deep-rooted that no party can challenge it.

Turn the clock back to the coalition government: conscious of pensioner poverty and the state pension having fallen in real terms over many years, they came up with a guarantee.

Every year it would be either increased in line with prices (CPI inflation), to match average wages, or by 2.5% – whichever was the highest.

This was the post-financial crash era of rock-bottom interest rates and low inflation. Now all that has changed.

The state pension is likely to rise by 8.5% after April, in line with the latest earnings data – including bonuses.

This eclipses inflation which is running at around 7% and forecast to fall.

The average weekly state pension would rise from £203.85 to £221.20 a week.

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Conservative ministers have stuck to the policy in every election manifesto, not least because pensioners turn out to vote.

The British Election Study team in 2018 found that turnout by age ranged from 40% to 50% among the youngest voters and over 80% for the oldest – although it varies by constituency.

The former coalition pensions minister Steve Webb has pointed out that the increase next year will take half a million pensioners over the income tax threshold – giving the Treasury a windfall.

Rishi Sunak, asked on his trip to the G20 about this issue, did not commit to keeping it after the election; although media coverage of this saw Number 10 commit to the policy.

Is widely supported policy unaffordable?

The problem is that it is becoming increasingly unaffordable as working-age people will have to bear the cost of an ageing population’s benefits on their taxes.

The Institute for Fiscal Studies has said that an additional £11bn a year is spent on the state pension due to the triple lock – compared with if it had been raised by either inflation or earnings.

By 2050, they reckon this could be £45bn.

Uncertainty around the triple lock makes it hard for governments to budget exactly how much it will cost in future.

In 2022, it was suspended for one year, for the first time, to take out earnings, because of the distorting effect of people coming back to work after the pandemic.

But despite speculation this might be the moment to reevaluate it, the lock was reinstated for this year with a 10.1% rise in line with inflation the previous September.

Charities for the elderly insist it must stay, saying pensioners on fixed incomes, who have paid taxes all their lives, rely on it to afford their food and energy bills.

And polling across different age groups consistently shows support for it.

Read more:
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Rayner makes ‘cast iron commitment’ on workers’ rights

MPs privately admit the need for change

Today the former Tory leader William Hague has waded in on the future of the triple lock.

He said it’s “ultimately unsustainable” and must be looked at again on a cross-party basis, with a future date set to drop the policy.

Describing it in The Times as “a very fierce sleeping dog that hates anyone to tread on its paws” he said younger people faced higher living costs than for decades.

He said one option was to follow the Conservatives’ example in the 1990s, when they gave 15 years’ notice that the women’s pension age would rise in stages from 2010 to 2020 – and Labour went along with it.

MPs across parties privately admit the pension system needs reform.

A senior Tory backbencher said ditching the lock before an election would be an “election killer” and it could only be done a long way into the future with a royal commission to look into it first.

Labour has left some wriggle room too, with the party saying it will set out its policies at the election, but plans to “hold the government’s feet to the fire” on keeping it in this parliament.

The risk in keeping it is that future chancellors bring forward increases in the pension age to save money.

It will reach 67 by 2028 and a decision on when to increase it to 68 has been put on hold.

The problem is there is never a good time for politicians to take the triple lock out of the in-tray.

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No 10 decline to say if Palestine will be recognised with Hamas in power

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No 10 decline to say if Palestine will be recognised with Hamas in power

The prime minister’s spokesman has refused eight times to confirm whether recognition of Palestine could go ahead if Hamas remain in power and the hostages are not released. 

Keir Starmer’s spokesman was questioned by journalists for the first time since the announcement last week that the UK will formally recognise the state in September – unless Israel meets certain conditions including abiding by a ceasefire and increasing aid.

The policy has been criticised by the families of UK hostages, campaigners and some Labour MPs, who argue it would reward Hamas and say it should be conditional on the release of the remaining hostages.

A senior Hamas politician, Ghazi Hamad, speaking to Al Jazeera, said at the weekend that major nations’ decision to recognise a Palestinian state “is one of the fruits of 7 October”.

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The PM’s spokesman said on Monday: “The PM is clear that on 7 October, Hamas committed the worst act of terror in Israel’s history. That horror has continued since then.

“As the foreign secretary said over the weekend, Hamas are rightly pariahs who can have no role in Gaza’s future, there is a diplomatic consensus on that. Hamas must immediately release all hostages and have no role in the governance of Gaza.”

But asked whether removing Hamas from power and releasing hostages were conditions for statehood, he said a decision on recognition would be made at the UN General Assembly meeting in September, based on “an assessment of how far the parties have met the steps we have set out. No one side will have veto on recognition through their actions or inactions.”

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Up to 300 children could be evacuated from Gaza and given NHS treatment in the UK. The plans are reportedly set to be announced within weeks.

He added: “Our focus is on the immediate situation on the ground, getting more aid in to end the suffering in Gaza and supporting a ceasefire and a long-term peace for Israelis and Palestinians based a two-state solution.”

Starmer, who recalled his cabinet for an emergency meeting last week before setting out the new position, is following the lead of French president Emmanuel Macron, who first pledged to move toward recognising Palestinian statehood in April.

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Canada has also backed recognition if conditions are met, including by the Palestinian Authority.

The prime minister had previously said he would recognise a state of Palestine as part of a contribution to a peace process.

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Efforts to bring Gazan children to the UK for urgent medical treatment are set to be accelerated under new government plans.

In his announcement last Tuesday, he said: “We need to see at least 500 trucks entering Gaza every day. But ultimately, the only way to bring this humanitarian crisis to an end is through a long-term settlement.

“So we are supporting the US, Egyptian and Qatari efforts to secure a vital ceasefire. That ceasefire must be sustainable and it must lead to a wider peace plan, which we are developing with our international partners.

“I’ve always said we will recognise a Palestinian state as a contribution to a proper peace process, at the moment of maximum impact for the two-state solution. With that solution now under threat, this is the moment to act.”

Adam Rose, a lawyer acting for British families of hostages in Gaza, has said: “Why would Hamas agree to a ceasefire if it knew that to do so would make British recognition of Palestine less likely?”

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Coinbase turns lobbying efforts to UK in scathing op-ed

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Coinbase turns lobbying efforts to UK in scathing op-ed

Coinbase turns lobbying efforts to UK in scathing op-ed

Former UK Chancellor and current Coinbase adviser George Osborne says the UK is falling behind in the cryptocurrency market, particularly when it comes to stablecoins.

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Nigel Farage dared me to walk in London after 9pm: Here’s my response

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Nigel Farage dared me to walk in London after 9pm: Here's my response

At a press conference today in which Reform UK announced the Tory police and crime commissioner for Leicestershire was joining their ranks, as well as former prison governor Vanessa Frake, I asked Nigel Farage a simple question.

But his answer wasn’t what I expected.

I asked the Reform UK leader if the six-week campaign on law and order, with the tagline “Britain is Lawless”, was in fact project fear scaring people into voting for his party.

He utterly rejected that claim and responded to me saying: “No, they are afraid. They are afraid. I dare you, I dare you to walk through the West End of London after 9 o’clock of an evening wearing jewellery. You wouldn’t do it. You know that I’m right. You wouldn’t do it.”

I am not afraid to walk in the West End of London after 9pm wearing jewellery.

I have done it many times before and will continue to do so… but perhaps that is because I do not own a Rolex.

However, just because Farage is wrong on that point, doesn’t mean he isn’t tapping into other legitimate fears across the country.

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Snatch theft does worry me, hence why I now have a phone case with a strap attached to it that I can put around my body.

And I worry about knife crime in my area and what the impact could be if I were to have children – on the weekend someone was stabbed to death a stone’s throw from my house.

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Farage ‘not mincing his words’

However, if we look at the statistics, it is invariably a more nuanced picture than Farage or social media might have us believe.

According to police reports, thefts from a person in London are almost five times the national average, and they’ve been going up since the pandemic.

And the Office for National Statistics (ONS) also notes that thefts outside of the home, eg phone snatching, has increased.

However, possession of weapons has fallen in London by 29% over the last three years.

And according to the ONS, crime in England and Wales is 30% lower than in 2015, and 76% lower than 1995.

And it is a similar picture for violent crime.

In short, am I right to be more worried that snatch theft and knife crime in London is increasing? Yes, and no.

But Nigel Farage is tapping into voters’ emotions – their feelings that the country is broken. It’s a picture the Conservative Party helped to create and the Labour Party happily painted to great effect during the general election campaign of 2024.

And the more politicians of all colours tell voters that “the system is broken”, the more voters might start to believe them.

That is what Nigel Farage is banking on.

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