Restore Britain pledges to scrap triple lock on pensions

Restore Britain has pledged to scrap the triple lock on pensions in a move that could torpedo efforts to secure a political pact with Reform UK.

Nigel Farage‘s Reform party announced ahead of May’s local elections it would keep the policy – which ensures state pensions increase each year – after months of internal wrangling over the issue.

But Restore leader Rupert Lowe on Tuesday set out his party’s economic policies, including the pledge to scrap the triple lock. It threatens to disrupt negotiations between the two parties before they have even got off the ground, after Mr Lowe first raised the prospect on Sunday.

He made a list of demands of Mr Farage in return for a deal, including mass deportations of migrants and barring ex-Tories who defected to Reform – such as Robert Jenrick and Suella Braverman – from any future government positions.

The triple lock – which sees the state pension rise by whichever is highest of inflation, average earnings or 2.5 per cent – appears to be another snag towards a pact between the Right-wing parties.

With the exception of the Greens, all mainstream parties have committed to maintaining the triple-lock policy in fear of losing older voters. And Reform’s Treasury spokesman confirmed on Tuesday that scrapping the triple lock was not up for debate.

Mr Jenrick said: ‘Reform will always look after people who have worked hard and paid in their entire lives. We will be able to pay for the triple lock by cutting the billions of pounds of waste on illegal migrants, welfare for those not working and Net Zero subsidies.’

After previously saying the future of the triple lock was ‘open for debate’, Mr Farage in April committed Reform to maintaining it, as he said people who work should ‘reap rewards later in life’.

But in Restore’s 62-page policy document, it vowed to ‘end the triple lock and instead link the state pension to CPI’ – the Consumer Prices Index measure of inflation. The party claimed this would save about £2billion to £3.5billion a year. 

Mr Lowe acknowledged that scrapping the rule would be a ‘difficult decision’ and ‘probably not’ result in his party winning more votes at an election. But he added: ‘These actions are the only way we can leave a better country to our grandchildren than the one handed to us.’

Economists have raised concerns about the financial sustainability of the policy long-term due to the UK’s ageing population.

Restore’s pledge comes after Mr Farage revealed he had offered exploratory talks to Mr Lowe, who was expelled from Reform in March last year following accusations of bullying, which he denies.

Negotiations between the two parties are expected to take place, but it is understood that Mr Farage and Mr Lowe had not yet spoken as of Tuesday.