There are growing calls for a rethink of the state pension triple lock, with suggestions that similar protections should be introduced for young people. It has been fifteen years since the triple lock was implemented to boost pensions and alleviate pensioner poverty.
Former MP Advocates for Youth Triple Lock
Former MP Andy Milburn has urged the government to consider a triple lock for younger generations. Speaking to Rob Powell on Sky News, the Labour Party figure stated: "It's very striking that there is a triple lock for older people but there's no equivalent for younger people."
He emphasised that this is a priority and called on both government ministers and employers to take action. "This is not only going to be solved by public policy. You need demand side - the employers who employ young people - as well as the supply side," he added.
Current Challenges for Young People
More than one million young people in the UK are currently not in education, employment, or training. Mr Milburn warned that these individuals are being failed by the state, while the Department for Work and Pensions (DWP) welfare bill continues to grow.
He stated: "The job of public policy has to be to minimise the risk and maximise the incentive. The structural changes go back two decades - it is a long-term structural change that is required. We want to work with governments and employers."
Urging a Shift in DWP Policy
Mr Milburn urged the DWP not just to "cut benefits" but to prioritise youth prospects. Rob Powell commented: "You can excuse young people for not having too much faith in politics meeting the scale of the challenge."
No specific recommendations have been put forward by Mr Milburn yet, but they are expected to follow in the autumn.
Labour MP Proposes Youth Triple Lock
Luke Charters, Labour MP for York Outer, has called for a youth triple lock. He described it as "a ladder through life for every young person aged 18 to 30, built on three hard guarantees."
- Transport Guarantee for under-21s.
- Early Career Savings Guarantee.
- Rent-to-Own Pathway for over-25s.
Speaking to I News, Mr Charters said: "Young renters are pouring tens of thousands into rent while being shut out of ownership unless they have family money behind them. Build-to-rent-to-own schemes, drawn from models in Australia and Singapore, could let renters contribute towards a future deposit, backed by government top-ups."
He also argued that mortgage lenders should be compelled to treat a strong rental record as hard proof of financial reliability. "In short, renting should be a stepping stone to home ownership, not a trap," he concluded.
