Triple lock to remain until end of decade if Tory wins election, Sunak says

Rishi Sunak said voters could 'safely assume' The triple pension lock will remain in place until the next parliament if the Tories win. Photo: UNPIXS

Rishi Sunak has said the triple pension lock will remain in place until the end of the decade if the Tories win the general election, insisting it is «affordable». .

The triple lock ensures that the state pension will rise each year by either 2.5 per cent, average earnings or inflation, whichever is the highest of the three.

However, some Tories are opposed to including the proposal in the party's manifesto, wanting the pledge to be scrapped and the money spent on other priorities.

The Triple Lock has been the centerpiece of the Conservatives' proposal to voters during their 13-year tenure. government, but think tanks warn it will become unaffordable in the coming years.

During his appearance on the House of Commons Liaison Committee, Mr Sunak was asked whether the Tories would stick with the policy throughout the next parliament.

The Prime Minister said voters could «safely assume» that would be the case. If the election takes place this autumn and the Tories win, it means the triple lock will remain in place until at least 2029.

Asked if he thought it was truly «affordable», Mr Sunak said: «I do because the Government's track record is that we prioritize and make sure that if you've worked hard all your life, you had the dignity that you have.” deserved retirement is important to me, it's important to the government, and the triple lock is an expression of that.

“So I'm really proud that as a result of the triple lock, retirees are much less likely to end up in poverty.”

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Labour, which is ahead by about 20 percentage points in the polls, has not yet publicly confirmed whether there will also be a triple lock included in its manifesto.

Lord Willetts, president of the Resolution Foundation think tank, has written for the Tory House website criticizing Chancellor Jeremy Hunt's pledge to keep the triple lock in the manifesto.

Former universities minister who once worked in the policy department Margaret Thatcher, wrote on Tuesday: “Pensioners used to be disproportionately poor. This is no longer the case. We must declare victory and move forward to help families and young people whose incomes are lower.»

He added: “We will be told that the Conservatives want other groups to bear the brunt of government spending cuts.” while protecting Tory voters. It is difficult to be both a supporter of a small state and a triple lock.

“Many young people want their grandmother to be looked after. They cannot envy pensioners for such an increase in their income. But at the same time, there are many older people who are increasingly worried about the prospects for their children and grandchildren.

“In an ideal world we would have extra resources for everyone, but in reality there are limits and trade-offs. This triple lock decision sends a signal about priorities — and it is not the right one.»

The Liaison Committee questioned the Prime Minister on a wide range of policy issues, including migration, the threat from China and defense spending.

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He defended the UK's approach to relations with China, arguing that it was «undoubtedly more reliable» than «most of our allies». He told the committee that China was behaving in a way that the UK and its allies «would not tolerate», referring to recent news of cyber attacks.

Mr Sunak said he was «very confident» Rwanda The asylum scheme was in line with Britain's international obligations.

But he refused to promise that defense spending of 2.5% of GDP, the government's current ambition, would be included in the Tories' election manifesto.