Pension triple lock targeted in plan to cut costs for hiring

The British Chambers of Commerce is urging the UK government to overhaul the state pension “triple lock,” arguing it could free money for a targeted cut to employer National Insurance for workers under 25. The proposal would replace the current rule that boosts pensions by the highest of inflation, average earnings growth or 2.5% with increases linked only to inflation, which would slow pension growth in years when wages rise faster than prices. The BCC says the change could save the Treasury £3.3 billion over two years and, if redirected into employer NI reductions, might reduce welfare costs by nearly £10 billion over the longer term. The group also calls for help with energy bills and business rates, including 75% funding of the Renewables Obligation and changes to business-rate multipliers.