Overview

• Shadow Treasury minister Richard Fuller labeled an estimated £4 trillion state pension liability a timebomb and cautioned the government is close to testing bond market tolerance.
• Windsor MP Jack Rankin told a Centre for Policy Studies event the policy is not sustainable long term and highlighted the electoral squeeze between older and younger voters.
• Former cabinet minister Tom Tugendhat said the guarantee is not sustainable over the next two to three decades and warned of an economy increasingly geared toward pensioners.
• The Office for Budget Responsibility forecasts the triple lock will add about £15.5 billion a year by 2030, with state pension costs potentially reaching 7.7% of GDP by the 2070s.
• Pensions Minister Torsten Bell reaffirmed that the Labour government will maintain the triple lock throughout this Parliament.