Haldane Urges Scrap of Pension Triple Lock to Fund Young People
Former Bank of England chief economist Andy Haldane has called for the pension triple lock to be scrapped, arguing that the money should be redirected towards helping young people into work or education. Speaking on LBC, he said the policy had 'done its work' by reducing pensioner poverty and it was now time to focus on the one million young people classed as NEETs - not in education, employment or training.
Haldane, who is also president of the British Chambers of Commerce and an adviser to the Prime Minister on economic policy, said ending the triple lock could form part of a broader spending package designed to restore credibility with financial markets while tackling intergenerational unfairness.
He warned that any move to ditch it would be politically difficult, given the importance of pensioners as a voting group. However, he argued ministers could make the case by showing older voters the funding would be used to improve prospects for their children and grandchildren.