If sustained growth is the aim, the UK has to lift more children out of poverty

UK wages are now rising significantly faster than inflation – and that means that pensions, which rise by the highest of earnings, inflation and 2.5%, will rise substantially next spring.

- Tim Leunig

The Office for Budget Responsibility (OBR) says this “triple lock” system will cost three times as much as expected by the end of the decade – all funded by taxpayers.

Every tax affects us all. For businesses, it isn’t just corporation tax and employers’ national insurance that matter. Higher VAT reduces people's purchasing power, and higher income tax reduces the incentive to work. Neither help businesses succeed.

Higher taxes for higher pensions has no upside for business. Business must speak up and demand that government and opposition parties pledge to end this ceaseless growth-sapping pension ratchet.

That isn’t to say taxes should never rise. Higher taxes to build infrastructure is an investment. So is investing in schools and universities. Business can be better off if taxes rise to pay for these things. So far, so well known.