How the triple lock became political kryptonite
From our UK edition
It was early December 1973 and I remember my grandmother asking, ‘What would you most like for Christmas?’ I knew in an instant: ‘One day, perhaps, it would be good if the weekly rates of my basic state pension were to increase by the greatest of three candidate measures, namely (a) the year-on-year growth in the average weekly earnings index; (b) the year-on-year change in the consumer prices index for the month of September; or (c) a fixed nominal floor of 2.5 per cent – with the determination being a simple maximum function rather than an average, and the resulting uplift taking effect from the first Monday of the following tax year in April. Or, failing that, an Etch A Sketch.