Pension Triple Lock Suspension: welcome but not enough

In response to the announcement of the Government’s triple lock suspension, Adam Smith Institute’s Head of External Affairs Morgan Schondelmeier said:

“The Government’s suspension of the triple lock is welcome — but it doesn’t go nearly far enough. The pension triple lock should be scrapped entirely.

“This morning came the stick, and now the Government dangles the measliest of carrots to the working people of this country by acknowledging that a pension hike of near 8% is unfair and unsustainable. What was at first a welcome relief to pensioner poverty is now an entitlement for a generation that has already taken more from the state than they put in.

“Working age people have seen their incomes stall over the last decade while pensioners have gotten an unfair boost averaging around 3.0% per year. Taking from the working young in a ponzi scheme to support the rich must come to an end.”

Notes to editors: 

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The Adam Smith Institute is a free market, neoliberal think tank based in London. It advocates classically liberal public policies to create a richer, freer world.