Restore Britain has announced its intention to abolish the triple lock on state pensions, a policy that guarantees annual increases based on inflation, average earnings, or a 2.5% baseline, whichever is highest. This move directly conflicts with Reform UK's commitment to maintaining the pension guarantee, creating a significant obstacle for any potential political alliance between the two right-wing parties.
Restore leader Rupert Lowe unveiled his party's economic platform on Tuesday, which includes replacing the triple lock with an increase tied solely to the Consumer Price Index (CPI). The party estimates this change 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 gain votes, but stated it was necessary for leaving a better country for future generations.
Reform UK, under Nigel Farage, had previously committed to preserving the triple lock, with Treasury spokesman Robert Jenrick stating the party would prioritize supporting those who have worked and paid into the system. Jenrick suggested funding for the triple lock could come from savings on costs associated with illegal migrants, welfare, and Net Zero subsidies. Farage himself had reaffirmed this commitment in April, emphasizing that hard work should be rewarded.
The differing stances on the triple lock emerge as exploratory talks between Reform UK and Restore Britain are anticipated. Lowe had previously outlined demands to Farage, including mass deportations of migrants and barring former Conservative defectors from future government roles. Lowe was expelled from Reform last year amid bullying accusations, which he denies.
Most mainstream political parties in the UK, with the exception of the Green Party, have pledged to retain the triple lock, recognizing its importance to older voters. Economists have also voiced concerns about the long-term financial sustainability of the triple lock due to the UK's aging demographic.