Reeves must scrap ‘bonkers’ pledge on pension triple lock, former adviser says

• Chancellor Rachel Reeves is facing pressure to abandon Labour's commitment to the state pension triple lock.
• Jim O'Neill, a former advisor to Reeves, criticizes the commitment as "bonkers" and economically unsustainable, especially given the worsening economic outlook and rising government borrowing.
• Reeves acknowledges the difficult economic situation, stating that tax and spend policies are not feasible, and is expected to announce budget squeezes, including a £5bn saving from benefits.
• Despite fiscal constraints, the government remains committed to not raising major taxes, putting further pressure on Reeves to find alternative solutions.
• O'Neill suggests means-testing the triple lock or adjusting tax thresholds to increase revenue, while other economists propose creative strategies like shifting defense spending off the books, similar to Germany's approach.

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Reeves must scrap ‘bonkers’ pledge on pension triple lock, warns chancellor’s former economic adviser