Bust The Boom

While I am not an intergenerational warrior, the case for the triple lock, which I strongly support as a stimulation of the consumer economy, is not assisted by Rachel Reeves's announcement on television a few hours ago that those whom its application took over the income tax threshold when their only income was the state pension would not have to pay income tax for the duration of this Parliament. HMRC does not want to be "going after tiny amounts of money"? Since when?

Spending on benefits is projected to rise by £73.2 billion to £406.2 billion by 2030, and most of that will be pensions, so the beneficiary generation might consider whether either this, or the exemption of those aged over 65 from the drastic reduction in the cash ISA limit from £20,000 to £12,000, was worth the loss of political capital.