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Rishi Sunak has refused to commit to a so-called triple lock in pensions in the next Conservative election manifesto, potentially sparking a backlash from Tory MPs.
The Prime Minister insists he is unwilling to “speculate” on the promises the Conservative Party will make as it prepares for next year’s general election.
Sunak’s failure to provide ironclad guarantees to keep the triple lock in place, which requires the state pension to rise annually by the highest of inflation, earnings growth or 2.5%, is expected to unsettle some Tory MPs worried about this Could alienate older voters.
The sharp rise in wages means the Treasury will increase the state pension by more than 8% next year under the terms of the lockdown, at a costly cost. Growth this year is 10.1% due to high inflation.
Asked whether he would commit to a triple lock in the next Conservative manifesto, Sunak told the G20 summit in New Delhi: “We are not going to speculate on the election manifesto now.
“I still have a lot to do between now and then. But the triple lock is government policy and has been for a long time.”
The triple lock policy, introduced by the coalition government in 2010, has regularly ensured pensioners’ incomes grew faster than workers’ wages.
Last week think tank the Institute for Fiscal Studies said lockdown policies could increase government welfare spending by £45bn a year by 2050, putting “insurmountable pressure” on ministers to raise the minimum retirement age for men and women.
Sunak’s reluctance to commit to keeping the lockdown in place after the upcoming election contrasts with Work and Pensions Secretary Mel Stride, who said in June that it would “almost certainly” be in the next Conservative manifesto This appears.
While the Conservatives are committed to locking down parliamentary seats, ministers are exploring cutting real working-age benefits ahead of the election to give Chancellor Jeremy Hunt some fiscal space to cut taxes.
Justice Secretary Alex Chalke on Sunday called on the government to take a “humane” approach to welfare, in a sign ministers may be divided on the issue.
He told Sky News: “We have to do everything we can for the most vulnerable in society . . . I want to make sure, and my colleagues want to make sure, that we are decent and humane and that we support people.”
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