UK Business Group Urges Pension Triple Lock Reform
The British Chambers of Commerce has urged the government to replace the pension triple lock with inflation-linked increases. The proposed change would free up funds to support youth employment and lower business costs ahead of the upcoming budget.
The United Kingdom's business lobby urged finance minister John Healey to replace the state pension triple lock with inflation-linked increases ahead of his first budget, freeing £3.3 billion ($4.5 billion) over two years. The British Chambers of Commerce said the savings should fund youth employment initiatives and drive economic growth. The proposal targets a formula that guarantees annual pension rises matching the highest of inflation, wage growth, or 2.5%.
