Michael Alexander Kearsley

@michaelkearsley.bsky.social

1 week ago

Which would've made the #TripleLock = #MedianEarnings, #CPI or 2%, whichever was highest.

In fact the switch to using CPI also had a loostening of #inflationtarget, #RPI is on average about 0.8% above CPI, so to maintain existing stringency would've meant roughly a 1.7% target.

Michael Alexander Kearsley

@michaelkearsley.bsky.social

1 week ago

The original #DoubleLock - #TonyBlair plucked it out of the air to get through an interview, #RPI or 2.5%, whichever was higher, 2.5% was annual target for RPI.

So when #DavidCameron decided to add #medianearnings, when he switched #CPI for #RPI, why didn't he at least switch to the 2% CPI target?