Rishi Sunak has said the pensions triple lock will remain for the rest of the decade if the Tories win the next general election and insisted it was “affordable”.
The triple lock guarantees that the state pension will rise each year by either 2.5 per cent, average earnings or inflation, with the highest figure of the three being picked.
However, some Tories are against it being included in the party’s manifesto and want the promise to be abandoned and the money spent on other priorities.
The triple lock has been a central plank in the Conservatives’ pitch to voters in their 13-year run in Government, but think-tanks have warned it will become unaffordable in the years to come.
Mr Sunak was challenged during his appearance at the Commons liaison committee about whether the Tories would keep the policy throughout the next parliament.
The Prime Minister said voters could “safely assume” that would be the case. If the election is held this autumn and the Tories win that means the triple lock would stay until at least 2029.
Pressed on whether he thought that was really “affordable”, Mr Sunak said: “I do, because the track record of the Government is that we make priorities, and making sure that if you have worked hard all your life you have the dignity that you deserve in retirement is important to me, it’s important to the Government, and the triple-lock is an expression of that.
“So I’m actually proud that as a result of the triple-lock pensioners are much less likely to be in poverty.”
The Labour Party, which is about 20 percentage points ahead in the polls, is yet to publicly confirm whether the triple lock will also be included in their manifesto.
Lord Willetts, president of the Resolution Foundation think tank, wrote for the Conservative Home website criticising Chancellor Jeremy Hunt’s pledge to keep the triple lock in the manifesto.
‘Declare victory and move on’
The former universities minister who was once in Margaret Thatcher’s policy unit, wrote on Tuesday: “Pensioners used to be disproportionately likely to be poor.
“Now they aren’t. We should declare victory and move on, to help the families and young people whose incomes are lower.”
He added: “We will be told that Conservatives want other groups to bear the brunt of cuts in public spending whilst protecting Tory voters. It is hard both to be an advocate of a small state and of the triple lock.
“Many young people want to see granny looked after. They may not begrudge pensioners this boost to their incomes.
“But equally there are many old people who increasingly worry about the prospects for their children and grandchildren.
“In an ideal world we would have extra resources for everyone, but in reality, there are constraints and trade-offs.
“This decision on the triple lock is a message about priorities – and it’s not the right one.”
The Prime Minister’s was grilled on a wide range of policy issues by the liaison committee, including migration, the threat from China and defence spending
Mr Sunak defended the UK’s approach to dealing with China as he argued it is “undoubtedly more robust” than “most of our allies”.
He told the liaison committee that China had engaged in behaviour which the UK and its allies “won’t stand for”, referring to the recent news about cyber attacks.
The Prime Minister said he was “very confident” the Rwanda asylum scheme is in compliance with the UK’s international obligations.
Mr Sunak declined to promise that spending 2.5 per cent of GDP on defence, a current Government ambition, would be included in the Tory election manifesto.
There was also a renewed call for Israel to reopen the Rafah border crossing to let aid trucks into Gaza to help with the humanitarian challenge amid the ongoing conflict.