Restore Britain pledges to scrap state pension triple lock as Rupert Lowe admits 'difficult decision'

Restore Britain has pledged to scrap the state pension triple lock in a bid to secure "inter-generational fairness".

As part of a wide-ranging economic policy document released this week, Rupert Lowe's party promised to end the triple lock for good if it wins the next General Election.

Right now, the state pension rises every year by whichever number is highest out of inflation, average earnings or 2.5 per cent.

Restore, however, would pare it back and peg it to the consumer price inflation rate, which currently stands at 2.6 per cent.

"The state pension is secure with Restore," the party's policy plan, The Wealth of Our Nation, says.

"However, we will end the triple lock and instead link the state pension to CPI. Pensioners' incomes will thus be secure in terms of their purchasing power."

Restore estimates the move would save the Treasury anywhere from £2billion to £3.5billion every year.

But over a 10-year period, it could amount to a saving of £25billion-30billion per annum compound, the party says.

Leader Mr Lowe admitted scrapping the triple lock would be a "difficult decision" - and that it would "probably not" see his party pick up 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."

All of Britain's major parties have pledged to keep the triple lock - except the Greens.

Nigel Farage had in the past said the future of the triple lock was open to debate, as has Kemi Badenoch.

But the Reform UK leader committed to keeping it in place earlier this year so people who work can "reap rewards" later in life.

READ MORE ON THE TRIPLE LOCK:

• State pension triple lock: Labour confirms pension rise and tax exemption
• Andy Burnham confirms state pensioners under 77 will receive £313 cash boost
• Scrapping state pension triple lock could save £60billion, OECD tells Andy Burnham

Robert Jenrick, Reform's Treasury spokesman, said on Tuesday the triple lock would stay safe.

"Reform will always look after people who have worked hard and paid in their entire lives," he said.

"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."

Mr Farage just days ago revealed he had "reached out" to Mr Lowe for exploratory talks on a potential pact between the two parties after the Restore leader made him a public offer of a deal.

In a slight swipe at his former colleague, the Reform leader said: "If you want to do a political deal with somebody, you would contact them privately and not do a 12-minute video... That said, I did actually reach out back yesterday to him.

"I did say: ‘Look, we should have a call.' I haven't heard back yet. So I don't know what the sincerity of this is."

Negotiations between the two parties are set to take place soon - though they are said not to have taken place just yet.

Reform MP Andrew Rosindell, who defected from the Conservatives in January, has said he hopes "people can come together" amid talk of a deal.

Mr Rosindell told GB News a "divided right" would only benefit Labour and the left-wing parties.

"Rupert was elected as a Reform UK MP under Nigel's leadership," he added. "So clearly there's common ground on lots of issues."