OECD Urges UK to Scrap Pension Triple Lock Amid Economic Challenges

The move could free up cash and reduce the UK's debt pile, as the country faces weak GDP growth and high interest rates.

The Organisation for Economic Cooperation and Development (OECD) has urged the UK to scrap the pension triple lock to free up cash and reduce the UK’s debt pile.
The triple lock means the state pension rises by the highest of inflation, average earnings or 2.5% and is set to increase by 8.5% next year, from £10,600 to £11,502.
The OECD suggests that reforming the triple lock and indexing pensions to an average of CPI and wage inflation could help the UK's finances by encouraging growth.
The OECD's economists expect UK GDP to grow by just 0.5% this year and 0.7% in 2024, the weakest performance in the G7 aside from Germany.
The OECD does not expect the Bank of England to cut rates at all next year, from the current level of 5.25%.