Should the young really be subsidising millionaire pensioners? | CapX

Reem Ibrahim writes for CapX

From announcing a general election in the pouring rain to the mixed reaction he received for his promise of compulsory national service, it’s fair to say that the Prime Minister’s reelection campaign has not gotten off to a great start. 

And the last 24 hours have been no different. Last night, the Conservatives announced the ‘triple lock plus’. This means pensioners will continue to receive the triple lock – automatic increases of the state pension by at least earnings, inflation, or 2.5% – but also an equivalent increase in the income tax threshold.

Rather odd, you might think, considering that we already spend £110.5bn yearly on the state pension, more than double the Ministry of Defence budget. This rose by 8.5% in April and 10.1% the year before. These were the highest cash increases to the state pension in history and came after a package of support for pensioners last winter worth nearly £5bn.

Read the full article in CapX here