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Labour Could Back Scrapping Pensions Triple Lock

Speaking to Times Radio this morning, Shadow Business Minister Lucy Powell refused to endorse keeping the costly triple lock on pensions, whereby they rise with inflation, average wage rises, or 2.5% every year, whichever is highest. The measure is particularly odd during a recession, where most see incomes fall yet pensioners see theirs grow. Powell said that “you could only look at those questions when you know what income you’ve got going in and what outgoings you need to make.” Opening the door to ditching the expensive measure…

Earlier this week the Government confirmed it is to maintain the triple lock and increase the state pension in line with it next year, after an apparent battle between Boris and Rishi over the issue. Big spending Boris won the day. Could Labour end up being more fiscally conservative than the Conservatives on this issue?

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