Labour refuses to guarantee triple lock for pensions

       Campaigners have warned they will only believe Labour’s commitment to the pensions triple lock when it is written in black and white in their manifesto.

       Reports emerged last night that Labour is preparing to confirm its commitment to the pensions uprating, despite Rachel Reeves’ reluctance to support policies with spending implications.

       Multiple party sources claimed that both Ms Reeves and Sir Keir Starmer will back the policy in their election manifesto, which is currently being drafted by party officials.

       A Labour insider has said the party will have to support the policy - which sees the state pension increased by the same level as inflation, average salary growth or 2.5 percent, whichever is higher.

       They added that a “tsunami of pensioner poverty is heading our way over the next few decades”, as more people reach the age of retirement while still renting or paying off their mortgage.

       READ MORE: State pension triple lock split as Labour pledge puts Tories on the spot

       Sir Keir Starmer and Rachel Reeves reportedly back the policy (Image: Getty)

       Responding to the report in the i newspaper, Dennis Reed of Silver Voices told the Express that it would be “political suicide” for any party to not support the policy.

       However he warned that as the claims come from unattributed political briefings, he and his fellow campaigners “will not rest until we see it in writing in both main parties’ manifestos”.

       Mr Reed said he hoped the briefing will now spur the Conservatives on to echoing the same pledge, and ensure the triple lock is committed to for the duration of the whole next parliament.

       Tory deputy chairman Craig Tracey warned that pensioners will take Labour’s pensions policy “with a pinch of salt”.

       He said: "Sir Keir can't be trusted to stick to anything, his endless U-turns just go to show that he will say or do whatever he thinks the public wants to hear. How long will it be before Labour rolls back on this new pledge?”

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       Tory MP Craig Tracey said pensions would be sceptical about Labour's commitment (Image: Parliament Live)

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       Hargreaves Lansdown agreed with Mr Reed’s hope that Labour committing to the pledge will now bounce the Conservatives into following suit.

       Helen Morrissey, head of retirement analysis, said it was “only a matter of time before they came under pressure to show their hand when it comes to the future of the triple lock”.

       “These rumours pile on the pressure for the Conservatives to do the same.

       “The state pension has become a major issue in recent years, and it would take a brave person to suggest messing with it this close to an election, but the reality is that as the costs continue to skyrocket action needs to be taken to put it on a secure long-term footing.”

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       Age UK Charity Director said she hopes all parties will commit to keeping the triple lock at the next election, as it helps pensioners afford "a decent standard of living".

       The House of Commons Library has calculated that spending on the state pension is around ￡10 billion higher each year than it would be if it had been linked to either earnings or inflation since 2011.

       The Government would save ￡3.6bn a year if it had been subject to a “double lock”, rising by the higher of inflation and wage growth but without the 2.5 per cent minimum guarantee.

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