There is always something oddly unreal about party conference season. In theory, everyone is getting away from Westminster to better reflect on the state of the nation. In practice, the whole circus just briefly relocates to the coast, to live off warm white wine and gossip for three days, before coming back with a streaming cold. But this year, reality seems more elusive than usual.

Everyone knows hard choices loom, but everyone is frightened to make them. Every serious party needs billions of pounds to fund their promises, and everyone knows there’s an obvious place to find the money, but nobody wants to be the first to say so. And so a deferential silence shrouds the pension triple lock, whose future will be vigorously debated on the fringes and in private conversation this autumn, but less so on the stage.

George Osborne’s shameless 2011 bid for pensioner votes – under which the state pension rises, come rain or shine, by whichever is the highest of inflation, average earnings growth for working people, or 2.5% – has already cost around three times as much as the Treasury originally expected.

The Office for Budget Responsibility reckons that by 2030 it will be swallowing more than £15bn a year – almost enough to fund the cause over which chancellor John Healey was recently willing to resign, namely raising defence spending to 3% of GDP in time to prevent a Russian attack on Nato. But even if you’re willing to roll the dice on another war, there’s no shortage of alternative proposals for spending the money.

The British Chambers of Commerce wants it diverted into tackling youth........

© The Guardian