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Times
16-07-2025
- Business
- Times
Should the state pension stay frozen for expats?
More than 450,000 pensioners in countries including Australia and Canada are missing out on thousands of pounds because their pension payments have not gone up since 2012, according to Interactive Investor, an investment platform. Those living in the UK and EU and some other nations, meanwhile, have their income protected by the triple lock. Is this fair? We hear both sides of the argument. Jan Zeber from the public policy consultancy Bradshaw Advisory 'Britain is broke and the state pension is one of the main reasons' is how I would summarise last week's verdict on the state of the public finances by the Office for Budget Responsibility. According to its forecast, the state pension is now 'unexpectedly' going to cost an extra £15.5 billion each year by the end of the decade than if it had risen in line with wages instead of the triple lock — an increase three times greater than expected. By 2073, we are forecast to be spending just under 8 per cent of gross domestic product to pay for the state pension. The triple lock is a coalition government-era commitment to increase the state pension every year in line with inflation, earnings or 2.5 per cent, whichever is highest that year. These metrics are all based on what is happening in the UK, so you should be a resident here to benefit from the increases. If you live overseas, then UK inflation and earnings growth have no bearing on how far your state pension goes in the country you live in. It should be uncontroversial for the state to focus its scarce resources on those who are within its borders because, for an overwhelming majority of people, remaining within them isn't a choice. I understand that there are many reasons why people become expatriates, but it's always a choice and often a luxurious one. Escaping to the sun while benefiting from the triple lock increases would be a smart arbitrage, but not one that the cash-strapped UK state should have an obligation to fund. • David Willetts: The triple lock has been far more damaging than I ever feared And what about the countries in Europe, the US, Israel, Jamaica and the other seemingly random hodgepodge of countries in which British pensioners do benefit from increases to their pension? You might be surprised to hear that the arbitrary nature of these agreements lies in international diplomacy. Reciprocal agreements to increase pensions date back to when the cost of the state pension was lower, the world was globalising and governments wanted to enable smooth movement of labour. As the cost of pensions rose for the Treasury, the government changed its approach in 1996 and there have been no new commitments to increase pensions for those abroad since. The agreements that remain are international treaty obligations with no justification other than the 'give and take' of dealmaking. At a time when the government's finances are under such strain, and so many people within our borders are struggling, there are a number of policy decisions the government must make to improve the situation. Extending pension entitlements for those that have chosen to live abroad, should definitely not be one of them. Sir Peter Bottomley, former MP for Worthing West and father of the House of Commons in 2024 It should not be a discussion. All pensioners, whether in Britain or overseas, should have their pensions rise with inflation. No sensible government would create a system in which only half the state pensioners living overseas get increases in line with those at home. Successive governments have stuck to this unfair anomaly that developed in the British Commonwealth in the 1950s. This was at a time when inflation in Britain was low, and even lower abroad, and old dominions and newly independent colonies did not think it necessary to negotiate increases in the state pension. As a result, more than 450,000 pensioners in countries like Canada, Australia and South Africa today, are denied upratings. It is absurd that a pensioner in British Columbia is worse off than one across the strait in the USA's Washington state. The arbitrary injustice is as shameful now as it has been a disgrace for decades. When Sir Roger Gale MP and I were campaigning thirty years ago, we knew of British pensioners stuck in Zimbabwe and South Africa who were facing poverty because they were denied the increases given to pensioners in the UK or those in European Union countries. A pensioner living in Australia for the past 20 years, sometimes because that is where their family is, might now get just £4,200 in state pension, instead of the £11,500 they would have had if they stayed in the UK. • Retiring abroad could cost you £160,000 It's unfair. Remember how much is saved on healthcare and other state costs for everyone choosing to live abroad. Your state income, based on compulsory and voluntary contributions throughout your lifetime, should bring the same payments whether you choose to, or have to, live here or overseas. It's a crazy system in which you can move from New Zealand to Ireland to get the increases. You get the upratings in Barbados and Jamaica but not Trinidad and Tobago; in the Philippines but not Indonesia. The problem continues because ministers consistently decide that they should give priority to those living in the country rather than living outside. Unfortunately, court judgments over 20 years have failed to put things right. This means it is up to ministers to act, and act now.
New Statesman
04-07-2025
- Business
- New Statesman
A costly mistake for consumers and the economy
Price caps are often framed as a consumer protection measure – a way to stop touts profiteering and shield fans from exploitative pricing. At first glance, this approach appears to be a straightforward way to make live events more accessible and fair, ensuring that tickets are sold at a price deemed reasonable by policymakers. It is an argument that resonates emotionally, especially when fans are priced out of seeing their favourite artists or teams. However, while well-meaning, this seemingly simple and fair solution actually obscures a host of deeper issues. In reality, price caps create unintended consequences – not just for the fans they aim to protect, but for the broader UK economy. When we move beyond the rhetoric and examine the practical impacts, it becomes clear that price caps, however well-intentioned, ultimately risk doing more harm than good. Let's start by examining the evidence: resale price caps can harm fans by pushing them out of safe, regulated marketplaces and onto riskier, unregulated platforms such as social media. Our research shows that 37 per cent of fans would likely turn to social media if they couldn't access a regulated resale option – despite it being one of the riskiest places to buy tickets. In jurisdictions like Ireland and Victoria, Australia, where resale caps are in place, fraud rates are nearly four times higher than in the UK, according to research by Bradshaw Advisory. If mirrored here, that could drive the cost of fraud up from £340m to over £1.2bn. But there's an additional, often overlooked consequence: the broader economic fallout. Resale markets don't just help fans find and sell last-minute tickets; they underpin an ecosystem of spending that spans travel, hospitality, and retail. At the Centre for Economics and Business Research (Cebr), we've analysed the data. When fans purchase resale tickets via secondary marketplaces, they spend an average of £629 on top of the ticket itself – on hotels, food, transport and merchandise. This secondary spending supports £733 million in annual turnover, contributes £270m to GDP, and sustains more than 7,700 jobs across the UK. If, as expected, price caps discourage reselling – for example, if fans who can no longer attend see no financial value in passing on their ticket – they may simply let their seats go unused. For every 1 per cent of tickets that go unused, the economy could lose approximately £7.3m in revenue. If just one in four tickets on the secondary market were to go unsold, this figure would rise to an estimated £183m. Year after year, we continue to see the ticketing industry disappoint fans. Last year, the Oasis fiasco. This year, as recently as June 2025, thousands of NFL fans in Ireland were left empty-handed and frustrated after queuing for hours online for Pittsburgh Steelers versus Minnesota Vikings at Croke Park tickets. Strict price cap laws in Ireland mean there is no regulated, safe resale option if they missed out – no second chance to attend, no flexibility to pay what they feel the ticket is worth. Just two days after tickets went on sale, there is evidence of tickets being listed on social media platforms by individuals and suspected fraudulent companies. Desperate fans lured by posts for tickets that look too good to be true risk playing into the hands of the fraudsters who lie in wait. So, who ends up out of pocket? The fans, certainly, but financial institutions are also on the hook to reimburse defrauded customers. Since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. With resale restrictions forcing more buyers onto risky channels, the financial burden is now spreading from fans to banks – and eventually to the wider economy. With sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. Several financial institutions see social media fraud spike around popular live events – and some have voiced their opposition to price caps. Revolut saw ticket scams increase by 40 per cent in the run-up to Taylor Swift concerts in London in August 2024. The fintech giant has publicly shared its position: banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud. Ultimately, not only do fans suffer unintended consequences, the economy loses. Yes, we must protect consumers. But price caps – while well-intentioned – are a misguided solution. Anyone familiar with the dynamics of supply and demand understands that capping resale prices will only re-route the fan demand off trusted platforms and into unregulated corners of the internet, where fraud is rife. With its proposed legislation, the UK government risks doing more harm than good – exposing consumers to greater danger and undermining a sector that sustains thousands of jobs and generates millions in economic value. The alternative isn't price control, it's regulation that works. That means transparency, enforcement of existing rules, and ensuring that safe, well-regulated resale platforms remain viable – and continue to contribute to the UK economy. Subscribe to The New Statesman today from only £8.99 per month Subscribe Sponsored by Viagogo Related
Daily Mirror
03-06-2025
- Business
- Daily Mirror
Brits face £100million in ticket scams this summer if resale price caps hit
Experts have warned that the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers as fans turn to risky ways to get tickets Experts have warned that Brits could be conned out of £100million in ticket scams this summer alone, if price caps are introduced on ticket resales. Data from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed that ticket fraud across England and Wales cost a staggering £70 million in 2024. This year, the figure could skyrocket to £280 million, as anticipation builds around Glastonbury, Wimbledon, and the eagerly awaited Oasis tour. More than a third of scams, amounting to £100 million, are expected to occur in the next few months if price caps plans are imposed. The data comes from Bradshaw Advisory and independent research by anti-fraud organisation We Fight Fraud. They suggest that scams could quadruple if price caps are introduced. They warn that the UK Government's proposal to cap resale prices could inadvertently aid scammers, making it easier for fraud to thrive as desperate fans resort to riskier methods to secure tickets. Dave Eborne, head of fraud operations at Revolut, commented: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. "Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand." He added: "The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. "As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." Research indicates that Ireland and Victoria, Australia - two regions that have introduced price caps - have seen a significant surge in reports of ticket fraud. The Bradshaw Advisory highlighted that in Ireland, where price caps are in place, 13.6% of fans reported being scammed - a figure more than triple the UK's rate of 3.8%. There could also be broader implications. Since October 2024, UK banks have been obligated to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: "Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool. Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets.
Scottish Sun
03-06-2025
- Business
- Scottish Sun
Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn
SCAM FEARS Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn BRITS could be ripped off by £100million in ticket scams this summer alone if price caps are introduced on ticketing resale – as fraudsters target the biggest events of the year, experts have warned. Figures from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed ticket fraud across England and Wales cost £70million in 2024. Advertisement 3 ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August Credit: Getty 3 Ticket fraud across England and Wales cost £70million in 2024. Credit: Getty But this year, the figure could rocket to £280million, with potentially more than a third of scams expected to hit in the next few months– £100million – if price caps are imposed as excitement builds around Glastonbury, Wimbledon, and the long-awaited Oasis tour. The findings come from Bradshaw Advisory and independent research from anti-fraud organisation We Fight Fraud, which says scams are likely to quadruple, should price caps be put in place driving consumers to unregulated platforms and risky social media sites. It follows data from Revolut which showed ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August. Experts say the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers – making it easier for fraud to flourish as desperate fans turn to riskier means of securing tickets. Advertisement Dave Eborne, head of fraud operations at Revolut, said: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. 'The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. 'As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." Advertisement The research points to data from Ireland and Victoria, Australia - two regions that have introduced caps and seen significant increase in reports of ticket fraud. The Bradshaw Advisory identified in Ireland, where price caps exist, 13.6 per cent of fans reported being scammed - more than three times the UK's 3.8 per cent rate. And there could be a wider impact as well, as since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: 'Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. Advertisement "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Do your homework: Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets.
The Sun
03-06-2025
- Business
- The Sun
Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn
BRITS could be ripped off by £100million in ticket scams this summer alone if price caps are introduced on ticketing resale – as fraudsters target the biggest events of the year, experts have warned. Figures from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed ticket fraud across England and Wales cost £70million in 2024. 3 But this year, the figure could rocket to £280million, with potentially more than a third of scams expected to hit in the next few months– £100million – if price caps are imposed as excitement builds around Glastonbury, Wimbledon, and the long-awaited Oasis tour. The findings come from Bradshaw Advisory and independent research from anti-fraud organisation We Fight Fraud, which says scams are likely to quadruple, should price caps be put in place driving consumers to unregulated platforms and risky social media sites. It follows data from Revolut which showed ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August. Experts say the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers – making it easier for fraud to flourish as desperate fans turn to riskier means of securing tickets. Dave Eborne, head of fraud operations at Revolut, said: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. 'The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. 'As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." The research points to data from Ireland and Victoria, Australia - two regions that have introduced caps and seen significant increase in reports of ticket fraud. The Bradshaw Advisory identified in Ireland, where price caps exist, 13.6 per cent of fans reported being scammed - more than three times the UK's 3.8 per cent rate. And there could be a wider impact as well, as since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: 'Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Do your homework: Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets. 3
