Pensions Triple Lock

Treasury – in the House of Commons am ar 14 Tachwedd 2023.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Richard Foord Richard Foord Liberal Democrat Spokesperson (Defence)

What assessment he has made of the potential impact of maintaining the pensions triple lock on the economy.

Photo of Laura Trott Laura Trott The Chief Secretary to the Treasury

As a result of the Government’s triple lock, the basic state pension is now more than 50% higher in cash terms than it was in 2011. The Secretary of State for Work and Pensions is undertaking his review at the moment, and I cannot pre-empt that.

Photo of Richard Foord Richard Foord Liberal Democrat Spokesperson (Defence)

Now that Lord Cameron has returned to the Cabinet, it is probably a good time for us to remember that the pensions triple lock was a Liberal Democrat initiative. The 2010 Liberal Democrat manifesto said:

“We will uprate the state pension annually by whichever is the higher of growth in earnings, growth in prices or 2.5 per cent.”

Given that the triple lock has now been operational for more than a decade, will the Chancellor and his team commit to putting the triple lock in the next manifesto?

Photo of Laura Trott Laura Trott The Chief Secretary to the Treasury

Nice try. The triple lock was a Conservative invention, delivered by the Conservatives, and it is something to which we remain committed.

Photo of Ranil Jayawardena Ranil Jayawardena Ceidwadwyr, North East Hampshire

I welcome my hon. Friend to her new role. Given that it is right that we look after our pensioners and ensure that people are well looked after in later life, it is important that we have the right tax base to fund our pensions. Will she meet me to consider ways in which we can make our taxation system more family friendly, to encourage more people to have more children and to ensure that we can pay for our pensions in the years ahead?

Photo of Laura Trott Laura Trott The Chief Secretary to the Treasury

My right hon. Friend is a brilliant advocate on these issues, and of course I would be delighted to meet him.