Triple Lock join the Fightback

July 21 2021

Since the government announced, earlier in the year, that they intended to keep their election promise and increase the State Pension in line with the ‘Triple Lock’ we have been warning that the issue has not gone away. We pointed out that those opposing the mechanism will resume their attacks once they get an opportunity. Now that the country appears to be coming out of ‘lockdown’ and the question of the economic recovery is being raised, they believe that this is the right time to raise the issue once more. According to an article in the Guardian (posted on the Retired Members Facebook page) Chancellor Rishi Sunak, supported by the Prime Minister and also by the Chair of the influential 1922 Committee, Sir Graham Brady, has signalled that he is considering not automatically raising the State Pension in line with the Triple Lock.

 

The Triple Lock requires the State Pension to rise annually by at least 2.5% or either the Consumer Price Index (CPI) or the average annual wage increase. We are being told that average are projected to increase by 8% compared to July 2020. This is all speculation and the evidence does not yet support this. Opponents of a decent State Pension are arguing that it is an established fact and that the country cannot afford the increase which is due to be implemented next April.

 

In the same Guardian article and this is even more disturbing, Will Hutton, who claims to be a Labour Party supporting economist, stoked up the argument by claiming that, so called ‘Baby Boomers’ have reaped the benefits of 50 years of house price increases, generous private pensions and vertically free higher education and are responsible for the bleak future unaffordable housing, job security, pensions and education that youngsters are facing today. Whilst this is both inaccurate and untrue, it is disturbing that Hutton, who has influence in both the Labour Party and the wider Labour movement is supporting the arguments being peddled by the most extreme Thatcherites. In its last manifesto the party promised to uphold the Triple Lock. However it is not clear where the current Labour Party leadership stands on this issue. With this in mind it’s very important that every CWU activist and member, both retired and still working, uses any influence they have to ensure that the Labour Party maintains its commitment to the Triple Lock and importantly opposes any attempt by Rishi Sunak to ditch it.

 

Over the next few weeks we will be developing ideas for defending the Triple Lock. It’s an established fact that the Conservative Party relies heavily on the over 50s and in particular the retired and pensioners for its votes in elections. Those seats where they are defending a small majority, and the ‘Red Wall’ seats are where they are most vulnerable. We need to ensure that every MP, of whatever party, is aware that if they don’t support maintaining the Triple Lock, there will be political consequences.