How about this state pension adjustment proposal?
Currently, the state pension system pays the same to everyone, even to households with very large private pensions and investment incomes. Much of this money ends up funding luxuries.
The proposal is simple:
*full SP for everyone who depends on it (60% of pensioners)
*households with more than £12,000 a year from private pensions, work, or investments have 50p of SP withdrawn for every £1 above that level, up to the value of the pension itself
*A quarter of pensioners would only have a modest reduction, and only the wealthiest 15% would no longer receive a publicly funded pension they do not need.
I used chatGPT to do the calculations.
Savings? THIRTY BILLION A YEAR
That’s 1% of GDP
List of things that could improve?
restored trust between generations so young taxpayers see their money spent on genuine need, not luxury.
national renewal: homes, NHS, lower childcare costs, investment in schools, training, the police force. It could be used to help families who are struggling with mortgage costs.
re-directing spending from low-value consumption (luxuries, imports) to investment (homes, healthcare, infrastructure) improves living standards
Positive effect on the bond markets, sterling value, credit-rating agencies, inflation trends, reduction in government debt - the UK really really needs this right now
I’d absolutely get up off my bum and vote for a party that proposed this. Would you?