Britain will spend more on old-age pensions in two years’ time than on training, policing and defence combined, official figures present.
Pension prices have risen sharply for years due to the federal government’s “triple lock”, the mechanism by which pensions rise by whichever is greater of the annual enhance in common earnings, inflation or 2.5 per cent.
Last 12 months, pension prices elevated by £6 billion to £110 billion. By 2025 they’re anticipated to have ballooned to £135 billion, a determine £2 billion more than the combined day-to-day budgets for the Department for Education, the Home Office and the Ministry of Defence, Times evaluation reveals.
• The large query: Should the pension triple lock be scrapped?
The departments obtain separate funding for capital initiatives, to be
