State pension triple lock under threat from furlough & pandemic outcomes – taxes may rise | Personal Finance | Finance

The triple lock has proven to be a controversial element of state planning for the Government, as it is a costly measure which many argue is hard to justify when the economy is struggling.

This has been made more evident over the last year or so with coronavirus forcing the Government to spend billions just to keep the economy afloat.

On this, Kevin Holister the founder of Guiide, warned triple lock guarantees could even result in generational angst: “There may be many younger people, who may feel hard done by this increase in pensions.

“Currently they may be seeing retirees receive an above inflation increase, when their own incomes may have reduced considerably due to furlough, redundancy or reduced hours during the pandemic.

“Intergenerational fairness may certainly be an issue for debate, but other more immediate factors may bring this into sharper focus also.”

READ MORE: HMRC: Britons should look out for new tax code allowance notice letter

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