OECD urges UK to scrap triple-lock pension pledge

The Organisation for Economic Cooperation and Development has called on the UK government to reform the pension triple lock to address fiscal pressures.

• The OECD published its latest survey of the UK economy on Wednesday, recommending that Labour abandon the triple-lock pledge.
• The OECD said the triple lock "puts upward pressure on public expenditure and adds significant fiscal risks" and suggested linking increases to an average of earnings and inflation.
• The OECD also cautioned against raising tax rates, stating the tax burden is already high and the system remains complex and distortionary.
• Chancellor Rachel Reeves said the OECD agreed the government had restored stability and put the economy in a stronger position.