As the UK economy recovers, a rise in the state pension of 8% triple lock cannot be justified.
A Tory MP has warned that pensioners obtaining an 8% wage boost as a result of the triple lock “cannot be justified.”
During BBC Politics Live with Jo Corburn, Conservative MP Bernard Jenkin was asked to defend the merits of the Government’s triple lock commitment on pensions. In the event that the UK economy recovers after the pandemic, the Tory MP is adamantly opposed to an increase in the state pension of up to 8%. In the current economic context, he said that maintaining the triple lock, which calculates increases based on the highest of average salaries, inflation, or 2.5 percent, was unjustifiable.
On Thursday, Mr Jenkin told BBC Politics Live that an increase in pensions of 8% “cannot be justified.”
“We have the triple lock on pensions,” he said on the show, “but we have a very unusual artificial position right now.”
“This year, the economy will definitely rise around 7% to 8%,” says the economist.
“That would imply a seven- to eight-percentage-point hike for retirees.
“They will not be making any contributions to the national insurance system.
“Is that justifiable?” Corburn inquired.
“I believe it is an instance where a promise was made on specific parameters, and the parameters are now so drastically different,” the Conservative MP responded.
“I don’t believe even the Labour Party will go to the ends of the earth to offer retirees an 8% raise.”
“Because it’s unjustifiable.”
“It’s possible that we’ll break that pledge officially, but we’ll keep it in spirit.
“Of sure, retirees will continue to receive above-inflation increases.”
A former government minister cautioned earlier this month that the triple lock on state pensions is “vital” for women, amid fears that the mechanism could be scrapped.
“There is a group of people, let’s call them women for short,” former Pensions Minister Steve Web told GB News.
“Women are more likely than men to be totally or partially reliant on the state pension.
“So whatever [Rishi Sunak] does this year, something like the triple lock that continues to restore the state pension is necessary in my opinion.
“Because, even after a decade of the triple lock, we still have one of the lowest pensions compared to what individuals in developed western countries get.”