Labour MPs concerned about the government’s approach to welfare could advocate for triple lock reform, according to reports. According to The i, Keir Starmer’s decision to raise defence spending at the expense of foreign aid and last week’s proposed changes to the welfare system could prompt Labour MPs to explore other ways of generating income.
The triple lock guarantees that the state pension will rise each year with the highest of three measures: inflation (CPI), average earnings growth, or 2.5%. Labour have pledged to maintain the commitment for the duration of the current parliament, but as the strain on the public purse increases, it is believed some Labour MPs could highlight this as being ripe for reform. One Labour MP told The i Paper: “We have got to stick to it in this Parliament, but if we are in financial difficulties at the end… then it has got to be in the mix.”
Another added that it was only right that rich pensioners should be targeted for savings instead of disabled people on welfare.
They said: “Why should disabled people bear the brunt of the cuts? They haven’t caused or contributed to any of the crises that we are in.
“And go back to first principles, the social security system should be there as a safety net for those who need it rather than propping up rich pensioners.
“If we are talking about making a tough choice that should be one of the choices we are making.”
Currently, the state pension costs the country half of the amount spent on welfare, with £124bn expected to be spent between 2023 and 2024.
The full new state pension is worth £221.20 per week (£11,502 per year), and under the triple-lock, this will rise by 4.1% in April to £230.30 per week (£11,975 per year).
But the issue has long been a political talking point, with ministers from both sides of the house talking negatively about the commitment.
Shortly after his appointment, Labour’s Pensions Minister Torsten Bell distanced himself from comments made during the pandemic where he labelled the triple lock a “silly system.”
Conservative party leader Kemi Badenoch has recently promised to maintain the system, as she clarified comments she made in January about the need to mean-test more benefits.
She said: “I have said and said repeatedly that the Conservative Party policy is to maintain the triple lock.
“When we are changing policy, I will stand on a stage like this and announce that we’re changing policy. Until then, the policy stays the same.”
Any changes could drive a further wedge between Labour and pensioners.
Last year, the government’s decision to remove the winter fuel payment from around two million pensioners caused fury across the country, with protests and campaigns calling for the decision to be reversed.
