Labour to keep triple lock on state pensions in 2023, says Rachel Reeves

Shadow chancellor accused of 'playing politics' with older voters

'The triple lock is a vital protection for our pensioners' says Reeves

The Labour Party will keep the triple lock on state pensions in 2023, shadow chancellor Rachel Reeves has said. The triple lock guarantees that state pensions will increase by the highest of inflation, average earnings, or 2.5%.

Reeves said the triple lock is a "vital protection" for pensioners, who are facing a cost of living crisis. "We know that pensioners are struggling with the cost of living crisis, and we will not abandon them," she said.

The Conservative government has pledged to keep the triple lock for the next parliament, but has not said whether it will do so beyond that. Reeves said that Labour would keep the triple lock "for as long as it is needed".

The triple lock was introduced in 2010 by the Conservative-Liberal Democrat coalition government. It was designed to protect pensioners from inflation and ensure that their incomes kept pace with the cost of living.

However, the triple lock has been criticized for being too expensive. In 2022, the triple lock will cost the government an estimated £11 billion. The government has said that it is considering reforming the triple lock, but has not yet set out any具体的な proposals.

The Labour Party's commitment to the triple lock is likely to be welcomed by pensioners. However, the Conservatives have accused Labour of "playing politics" with older voters.

The Conservative Party chairman, Oliver Dowden, said: "The Labour Party is playing politics with older voters. The triple lock is a vital protection for pensioners, and Labour would scrap it if they were elected."