Yes, but this projection depends on assumptions about the future growth of prices and earnings. As I understand it there is a ratchet effect only under certain conditions. Without a potential ratchet there is no saving from getting rid of one.

Indeed the experts are now saying it is still earnings related, but without the ratchet that can arise if earnings sometimes fall behind inflation. But how this turns into savings in the future, if at all, is highly uncertain!

But as you say maybe there is some earnings over time link.

Maybe - it means real terms increases (and thus presumably a link with earnings) only when inflation is below 2.5 percent. It breaks the direct link with earnings, which is what Margaret Thatcher did.

Burnham claims to be providing a more serious and thought- through prospectus for Britain, but believing Britain is the world's innovation nation; trusted world leader in AI; leading the next industrial revolution, is neither serious nor new.

Blistering barnacles!

Launching the Chinese edition of Rise and Fall of the British Nation in Beijing! @kingshistory.bsky.social

It would be quite 'something' if, after all the talk of leaving the EU to create CANZUK, there ends up being CANZEU without the UK

One of Britain's leading historians explains what we get wrong about the past and the present. From World War II to the New Left, nationalism to neoliberalism, empire to welfare, Thatcher to Corbyn, technology to class: prepare to test your assumptions.

We need improvement across the board, most of which will come from imitation.

Andy Burnham becomes yet another PM who calls for an 'innovation-led economy'. The delusions live on; the circuit breaker fails to work.