Restore Britain has pledged to abolish the triple lock on state pensions, a policy that guarantees annual increases based on inflation, average earnings, or 2.5%, whichever is highest. This commitment introduces a significant challenge to ongoing efforts to form a political alliance with Reform UK.
Reform UK, led by Nigel Farage, had previously committed to maintaining the triple lock, a stance announced ahead of the May local elections after internal deliberations. However, Restore leader Rupert Lowe outlined his party's economic platform on Tuesday, which includes ending the triple lock and instead pegging state pensions to the Consumer Prices Index (CPI). Restore Britain claims this alteration could save between £2 billion and £3.5 billion annually.
Lowe acknowledged that abandoning the triple lock would be a difficult decision and might not boost his party's electoral prospects. He stated that these measures are necessary to secure a better future for younger generations. Economists have expressed concerns regarding the long-term financial viability of the triple lock, citing the UK's aging population.
The pledge to scrap the pension policy creates a potential rift between the two right-wing parties, as negotiations for a pact are reportedly in their early stages. Lowe had previously communicated a list of demands to Farage for a potential deal, including mass deportations of migrants and barring former Conservative politicians who have joined Reform from future government roles.
With the exception of the Green Party, most major political parties in the UK have committed to preserving the triple lock, fearing a backlash from older voters. Reform UK's Treasury spokesman confirmed on Tuesday that the party's commitment to the triple lock is not subject to debate. Robert Jenrick, a Reform UK figure, stated that the party would prioritize supporting individuals who have contributed throughout their working lives and suggested that savings from cuts to spending on migrants, welfare, and Net Zero subsidies could fund the triple lock.
Farage had previously committed Reform UK to maintaining the triple lock in April, asserting that individuals who work hard should benefit in their later years. Restore's policy document, a 62-page publication, details the proposal to end the triple lock and link pensions solely to CPI. This move by Restore Britain comes after Farage indicated he had extended exploratory talks to Lowe, who was expelled from Reform UK in March of the previous year amid bullying accusations, which he denies. As of Tuesday, it was understood that Farage and Lowe had not yet spoken directly, although negotiations between the parties are anticipated.