I have many times set out the easy cuts to excess spending here. Bank of England losses, Post Office losses, railway losses, steel nationalisation costs, illegal migrant hotels, migrant benefits and the pressure of numbers on public capital and services. The government has unsuccessfully tried disability benefits and pensioner winter fuel payments, which I did…
I have many times set out the easy cuts to excess spending here. Bank of England losses, Post Office losses, railway losses, steel nationalisation costs, illegal migrant hotels, migrant benefits and the pressure of numbers on public capital and services. The government has unsuccessfully tried disability benefits and pensioner winter fuel payments, which I did not support.
I read they are now thinking of reneging on the triple lock for pensions. I would suggest they do not do this. Both main parties pledged to keep the triple lock at the last election. Cutting pensioner poverty has been a success of recent years, with the triple lock helping in that cause.
I have in the past recommended raising the pension age, with suitable longer term notice so people can save for more private pension if they wish to retire earlier. The current age of 66 is scheduled to rise to 67 next year. There is a rise to 68 pencilled in. Why not bring this forward a bit, and why not add a target date for 69 thereafter? As the real value of the pension climbs so people should need to pay in NI contributions for longer to qualify. There could also be an option to pay more into the state to have an earlier access to the state pension. This could be a substantial saving in future spending and borrowing with no direct impact on anyone living’s standards any time soon, and with notice for people to strengthen their other pension arrangements.
