Labour has no plans to change pensions triple lock, Kendall says
Labour has “no plans” to change the pensions triple lock, shadow work and pensions minister Liz Kendall has told CityAM
Under the so-called ‘pensions triple lock’ fiscal rule, adopted under the 2010-2015 coalition government, basic state pensions increase each year by whichever is highest out of: the growth in national average earnings; Consumer Price Index (CPI) inflation; or 2.5 per cent.
Both Labour and the Conservatives have refused to commit to including the policy in their manifestos, and deputy Labour leader Angela Rayner has said the party would need to inspect the country’s finances.
But in last month’s Autumn Statement, Chancellor Jeremy Hunt confirmed pensioners would receive an 8.5 per cent boost from April 2024, in line with the pensions triple lock policy.
Speaking to CityAM during a visit to the , which offers employment support to local residents, Kendall said: “We’ve got no plans to change the triple lock.”
She said: “We’ve got no plans to change that at all. And I’m glad that the government has actually fulfilled its promises that it made in the last manifesto, to fulfil their obligations.
“Maybe I’m old fashioned, but I think if you make a manifesto promise, you know you should keep it.”
Asked about the long-term costs of the policy, Kendall said: “I’m under no illusions about the cost. But I also know that if you make a promise you should stick to it.
“I’m glad the government has finally done that. And we’ve got no plans to change it.”
She added: “I think about this in a slightly different way. I know there’s a lot of talk about how there’s a sort of clash of generations where older people are doing so much better than younger people.
“I know very well from my own constituency how many young families are struggling, but I also know in my own family that my parents think as much about my brother and his kids as they do about themselves.
“Most families try to pitch in and help one another every single day.”
The visit saw Kendall and Labour’s candidate for the Cities of London and Westminster, Rachel Blake, speak to chief executive George O’Neill, staff members and a service user, about their party’s plans to get people back into work.
But the Labour frontbencher also refused to put a figure on how many of Britain’s 2.6bn long-term sick she hoped to see in work by the end of the first year of a Labour government.
“As many as is humanly possible,” she said. “Every single person who could work and isn’t working, it’s a tragedy for them.
“They’re not using their skills and experiences, especially in a cost of living crisis. It’s terrible for businesses who desperately need to recruit people, particularly when the labour market is tight.
“And it’s bad for taxpayers too, because every year, taxpayers are paying an additional £15.7bn just since the pandemic for those who are out of work due to long term sickness.”
Kendall added: “My view is that the Department of Work and Pensions and job centres need to do what they say on the tin and that is happening in too few places at the moment.
“We don’t have a specific figure, but my ambitions are unlimited for the number of people that I want to see… who should be working, if they got the right help and support.”
Asked about the cost of Labour’s policies more broadly – with the party saying increased NHS capacity would be funded by abolishing the non-dom tax status – Kendall insisted it was fully costed.
She said: “I want taxes to be lower on working people. And I want businesses to have all the incentives they need to get people back into work… The people who make the money in this country are our businesses and they deserve all the support they can get.”