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David Davis Insists Axing Pension Triple Lock “Won’t Harm Pensioners”
19 May 2017, 11:19 | Updated: 19 May 2017, 13:24
David Davis has assured Nick Ferrari that the Tories’ decision to ditch the state pension triple lock “won’t harm pensioners”.
The Brexit Secretary appeared on LBC the morning after Theresa May revealed her party’s manifesto for the forthcoming general election.
Part of the document proposes removing the triple lock which was brought in by the coalition government in 2011.
The policy guarantees the annual rise in the basic state pension by either a minimum of 2.5 per cent, the rate of inflation, or average earnings growth - whichever one of the three is the largest.
Now, the party wants to cut the 2.5 per cent element from 2020, leaving what’s known as a “double lock”.
The plan has left some pensioners concerned that they could be left worse off, but appearing on LBC, Mr Davis offered reassurance that many wouldn’t even notice a change.
He told Nick: “Your pension will never go down and it will gradually go up over time. The problem with the triple lock is that over decades it will cost billions.
“If you take the Office for Budget Responsibility forecast, it will actually make very little difference at all in the next five years, we’re not budgeting any cost savings for it.
“So it’s a long-term thing, it’s a piece of responsible government, it won’t harm pensioners, they will always be up there with average incomes and inflation.”
Read more about the state pension triple lock and what it means for your pocket here.