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Millions Face DWP State Pension Shake-up as Triple Lock Branded ‘Idiotic’
Baroness Therese Coffey says the pension guarantee has met its goal and should be reconsidered as critics warn it could cost an extra 2% of GDP.
- Speaking in the Lords on Friday, Baroness Therese Coffey suggested replacing the State Pension triple lock with a "double lock," arguing the current 2.5% guaranteed rise has achieved its original policy outcome.
- The Conservative-Liberal Democrat coalition introduced the triple lock in 2010, but critics increasingly question affordability as costs rise; The OBR estimated the policy could cost an extra 2% of GDP.
- Crossbench peer Lord Turnbull branded the current system "frankly idiotic" due to random windfall gains, while Former NatWest chairman Sir Howard Davies warned the Government's credibility is "on the rack."
- Treasury minister Lord Pitt-Watson responded to the debate by confirming the triple lock remains part of Labour's manifesto, stating "until the end of this Parliament, the triple lock remains" despite mounting pressure.
- Labour peer Lord Liddle warned the nation remains "woefully unprepared for the future" regarding its ageing population, noting the lack of published strategy indicates the Government prefers avoiding these immediate challenges.
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23 Articles
23 Articles
Telegraph & Argus+3 Reposted by 3 other sources
Former minister calls for pensions triple lock to be replaced
Former cabinet minister Baroness Therese Coffey has called for the pensions triple lock to be replaced.
·Bradford, United Kingdom
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Chester Standard+12 Reposted by 12 other sources
Millions face DWP State Pension shake-up as triple lock branded ‘idiotic’
The State Pension triple lock could be replaced with a “double lock”, a former Conservative pensions secretary has suggested, in a major warning…
·Chester, United Kingdom
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Triple lock should be replaced, former pensions secretary suggests
George Thompson, Press Association Political Staff The pensions triple lock should “probably” be replaced, a Tory former senior cabinet member has said. Baroness Therese Coffey, the work and pensions secretary from 2019 to 2022, said the guaranteed 2.5% a year rise “probably seemed the right thing” when it was introduced but suggested it should be […]
·Wales, United Kingdom
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Total News Sources23
Leaning Left1Leaning Right1Center20Last UpdatedBias Distribution91% Center
Bias Distribution
- 91% of the sources are Center
91% Center
C 91%
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