Badenoch Admits Tories May Be Unable to Restore Pension Triple Lock if Labour Scraps It

Kemi Badenoch, the UK's Business Secretary, has stated that the Conservative Party might not be able to restore the state pension triple lock if the Labour Party modifies or eliminates it before a general election.

Badenoch's comments come after Labour's Andy Burnham announced last week his intention to downgrade the policy, a move projected to cost pensioners billions of pounds. The triple lock currently ensures state pension payments rise annually by the highest of inflation, average earnings, or 2.5 percent. However, the current government plans to legislate changes from 2030, weakening the earnings link by pegging the increase to a proportion of average incomes.

During media appearances at the Conservative Party conference, Badenoch affirmed that the triple lock remains official Conservative policy. However, she declined to commit to reversing any legislation Labour might pass before the next election, which could occur as early as 2029.

"I have said that the triple lock is our policy and it remains our policy," Badenoch told Times Radio. "I don't think going after pensioners is the right thing when there are loads of people who can work, who won't work."

She added, "When we are going to reverse Labour's policies, I say we are going to reverse their policies. I have said that we are keeping this policy, but if they take that money and they spend it on something that we can't get it back from, then it would be difficult for me."

Badenoch emphasized her commitment to honesty with the public, stating, "What I'm not going to do is lie to your listeners just so I can get votes. I tell the truth, and I say the triple lock is our policy and we're keeping it. But what I'm not going to do is to say something when I don't know what the situation would be about what Labour has done with that money. We have to be very careful."

These remarks appear to temper earlier statements made by Badenoch. On Sunday, she had suggested the lock would remain in place indefinitely, telling the BBC that "There is nothing that has happened that has made me change my mind."

Burnham's proposal to alter the triple lock is intended to help fund his plan for a National Care Service, envisioned as an NHS-style system for social care. While he has ruled out implementing this change before the next election to avoid breaking Labour's manifesto, legislation could potentially be passed as early as the following year. Official estimates suggest that changing the triple lock could save approximately £15 billion annually by 2040, funds that would otherwise go to pensioners.