- The Resolution Foundation has urged Labour to abolish the state pension triple lock, citing its exorbitant cost and the potential to free up funds to tackle Britain's youth unemployment crisis.
- New research from the think tank reveals the triple lock is the largest contributor to increased welfare spending this parliament, forecast to cost an additional £13.8 billion by 2029/30.
- The report proposes replacing the triple lock with a “smoothed” earnings link, which could save £650 million annually, enough to triple funding for Labour's ‘youth guarantee' employment scheme.
- Researchers argue that despite its high cost, the triple lock has not effectively reduced pensioner poverty, with rates increasing by 2.3 percentage points since its implementation.
- This recommendation aligns with recent comments from former Labour prime minister Tony Blair, who also called for an end to the “unsustainable” policy.
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