Tory government would axe ‘unsustainable’ triple lock on pensions, shadow chancellor says
Shadow chancellor Mel Stride has suggested a future Conservative government could axe the triple lock on pensions.
In a controversial move that prompted Labour to accuse the Conservatives of betraying pensioners, he said the commitment was unsustainable in the very long term.
Introduced by then-chancellor George Osborne during David Cameron’s coalition government, the triple lock guarantees the state pension rises in line with average earnings, inflation or 2.5%, whichever is highest.
That means the current state pension of £221,20 a week will rise by £472 a year from April 2025, in line with the latest growth in wages, which have risen by 4.1%.
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Mr Stride’s highly significant signal of possible pension reforms if the Conservatives win the next election came during a speech and Q&A with political journalists in Westminster.
He was asked about remarks he made when he was Work and Pensions Secretary under Rishi Sunak, when he was reported as saying the triple lock was unsustainable.
He replied: “I’m widely reported as having said, as you phrased it, it’s unsustainable. What I actually said was that in the very, very long term, it is unsustainable. Now that is just a mathematical reality.”
He said the reason for this was that the cost of the state pension would spiral over many decades under the triple lock if it continued indefinitely.
“So the answer to your question, though, is we will be looking at every single aspect, including policies around pensioners and so on, as we go forward,” he continued.
“But – and I think it’s fair to say that as a party we have always stood up for and always worked to protect pensioners.”
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Responding to Mr Stride’s latest remarks, a Labour spokesperson said: “Mel Stride has let slip that the Tories are planning to betray pensioners and ditch the triple lock.
“In government, the Tories broke the triple lock and left pensioners worse off. Now they’re planning to do it all over again. The Conservatives haven’t listened and they haven’t learned.
“This Labour government is committed to raising living standards and giving pensioners the dignity and security they deserve in retirement.
“Millions are set to see their state pension rise by up to £1,900 this parliament through our commitment to the triple lock and our Plan for Change means investment and reform to grow the economy to put more money in people’s pockets.”
