A UK think-tank organisation has stated that free bus-passes for pensioners should be scrapped as they contributed nothing worthwhile to the country’s economy. The Social Market Foundation (SMF) said doing away with the travel passes for OAPs would contribute £1 billion in savings to the £15 billion needed to give a shot in the arm to the country’s economy.

The author of an SMF report on recommended austerity measures, director Ian Mulheirn, said the £1 billion used to pay for pensioner’s free bus trips was one low priority budget item which could be scrapped to contribute to the bigger picture.

The report said plans for the 2016-2017 fiscal period should be instigated more quickly as this would bolster investor confidence and boost growth. Other projected measures include depriving well-off OAPs of free television licences and winter fuel subsidies as well as reducing their tax allowances.

The SMF report says other savings could be gained by capping tax-free ISA savings accounts at £15,000 and means-testing people applying for child benefit payments. The report says bringing the cuts forward and selectively choosing where to make savings would increase economic output.

The SMF says its plans would make the Government’s deficit reduction credibility and the economy stronger, but without the necessity of borrowing. It finished up by stating government debt holders would feel re-assured, the country’s infrastructure would undergo a renaissance and dole queues would probably get shorter.