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Chancellor Rachel Reeves (Image: Getty)
Rachel Reeves is under mounting pressure to scrap the state pension triple lock after a stark warning from the International Monetary Fund (IMF) - but would such a move be fair? The global financial watchdog said the Chancellor faces “significant challenges” in keeping public finances on track without raising taxes or cutting spending.
In a major intervention, the IMF said Ms Reeves may need to revisit Labour’s commitment not to raise taxes on working people — and urged her to consider reforms to both pensions and public services. The report stated: “The triple lock could be replaced with a policy of indexing the state pension to the cost of living.” It also recommended charging higher earners for NHS services and expanding means testing for benefits, saying access to public services should “depend more on an individual’s capacity to pay”.
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The warning comes as Ms Reeves faces criticism over the rising tax burden, with her main fiscal headroom — estimated at ￡9.9billion during the Spring Statement — now thought to have been wiped out by recent U-turns on welfare spending.
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Shadow Chancellor Mr Mel Stride said: “The IMF’s conclusion is clear – the Chancellor has already maxed out the credit card. Her only options are to cut spending or raise taxes. Be in no doubt, this mess is down to Labour’s choices, and it is the working people Labour claim to be protecting who are paying the price.”
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Ms Reeves insisted the Government’s plans were “tackling deep-rooted economic challenges” and “ensuring Britain’s recovery is under way.”
But with pressure mounting from economists and political opponents alike, the triple lock — which guarantees pensions rise in line with inflation, average earnings or 2.5%, whichever is highest — may now be on borrowed time.
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