IEA - Compromise means savings will have to come from elsewhere
IEA react to the agreement between the Conservative Party and the DUP
Commenting on the Conservative Party’s deal with the DUP, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“This deal ignores some economic realities. With an ageing population, the triple lock mechanism, as well as universal pensioner benefits, equate to ever-increasing spending on pensioners relative to a shrinking working population which is simply not sustainable.
“The UK Government still has a £46bn deficit, equivalent to over £125mn every day. If the Conservative Party and DUP are willing to compromise on the several billions of pounds of savings which could have come from the reform of policies such as the triple-lock and winter fuel payments, we’ll look forward to hearing where they plan to make the necessary savings to reduce the deficit. Without this, younger generations are going to face either a steep hike in taxes or a significant decline in public services.”
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The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems and seeks to provide analysis in order to improve the public understanding of economics.
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