King Charles to address US Congress on April 28

• OECD says the state pension triple lock should be reformed over time.
• Think tank also suggests reviewing VAT exemptions if more tax revenue is needed.
• Government insists the triple lock will remain in place throughout this Parliament.

The Organisation of Economic Co-operation and Development (OECD) has urged the UK to begin preparing for reforms to the state pension triple lock, warning that the policy is placing growing pressure on public spending and increasing long-term fiscal risks.

In its latest report on the UK economy, the Paris-based organisation said the government should continue pursuing reforms to improve economic growth and living standards. Among its recommendations is a review of the triple lock, which guarantees the state pension rises each year by the highest of inflation, wage growth or 2.5 per cent.