Lord Tugendhat (Con)

My Lords, in the time available I will make just two suggestions—I hope to keep within the three minutes by doing so. The first I can dispose of very quickly: it is to add my voice to those of others who have urged getting rid of the triple lock. This innovation was much needed when it was introduced but has long since served its purpose and the Government should replace it without further ado. My second point concerns the issue, which has been widely discussed, of finding ways of bringing people in their 50s and early 60s back into the workforce. We all know that there are many reasons why people retire: the need to care for elderly relatives; ill health; tiredness; age discrimination—all sorts of things. Not everybody is susceptible to financial incentives. None the less, I ask the Minister whether he will explore ways in which the tax system might be used to bring people back into the workforce and to keep them there. In particular, will he look into whether the rate of income tax and national insurance might be lowered for those who continue in work above a certain age—say, 58 or 60? What it should be, I do not know; that can be decided only after the matter has been thoroughly looked into. If people could be incentivised so that their earnings were significantly increased in the time leading up to the state pension age, it might make a difference. I urge the Minister to look into this possibility and report back to the House in due course.