Labour MP lets slip pension triple lock will be protected under Keir Starmer
The pensions triple lock is "safe" under Labour, a Shadow Treasury Minister insisted.
Party leader Keir Starmer had previously stopped short of guaranteeing the measure if he becomes Prime Minister. But Tulip Siddiq said in a TV interview: "We've committed to the triple lock."
She suggested that a Labour Government would cut other budgets to ensure the triple lock - which means the state pension rises each year in line with the highest of wage hikes, inflation or 2.5% - was protected.
The Institute for Fiscal Studies (IFS) think tank has called for a shake-up to make it sustainable. Asked if a Labour Government would protect the triple lock, Ms Siddiq told Sky News: "Absolutely it is safe with us but we'd look at what the IFS say. It is safe for now."
Pressed on what she meant by "for now", she said: "It's safe, it's absolutely safe for us, I just want to see what the IFS have said." She went on: "I think we would try and save money elsewhere, we've looked at a lot of underspend and money not being spent efficiently."
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Millions of pensioners benefit from the triple lock protection (file image) (Getty)The remarks - which have been welcomed by pensioners' rights campaigners - pile more pressure on Mr Starmer to include the triple lock in the Labour manifesto. Dennis Reed. director of charity Silver Voices, told The Mirror: "I did note it was a hardening up of Labour's position and support of the triple lock.
"I'm encouraged by the hardening up of the position and would like to see it in the Labour manifesto." Ms Siddiq said Labour was committed after initially appearing to waver.
She stated: "We'll have to see, if we're in Government it depends on inflation rates and interest rates and the situation we inherit. We'd like to protect it if we can, but we can't commit to it."
It comes less than two weeks after Mr Starmer refused to commit to keeping the triple lock in place after the next General Election. The Tories have yet to do so either. Mr Starmer said earlier this month: "This government made the commitment on the triple lock and it's for this government to keep to its commitment. We will set out our position as we get to the election, there is obviously at least one more fiscal event to be had yet, but we will set that out fully before we get to the election."
The IFS said that state pension increases should be linked to average earnings. In September Work and Pensions Secretary Mel Stride said he'd known "for a long time" that the triple lock is "not sustainable". He said: "But of course what I am dealing with is now and where we stand at the moment is we remain committed to the triple lock and that is the path that we will be taking. But as to the future and after future general elections and so on and so forth, who knows."
From April the state pension for men born after April 1951 and women born after April 1953 shoot up £901 from £10,600 to £11,501. For those born before this, the full basic state pension will go up £690 from £8,122 to £8,812. The rises will take effect in April next year.
Quizzed about whether it would be in the Conservative manifesto, Rishi Sunak refused to commit. He said: "We have just delivered the triple lock in full for this coming year which the Chancellor announced in the Autumn statement. There was some scepticism that that might not happen but again it is just a signal of our commitment to look after our pensioners who have put a lot into our country."
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