Badenoch says triple lock pension is ‘right policy’ as new Tory blueprint announced

Kemi Badenoch has defended the controversial triple lock pension, describing it as the "right policy" ahead of the Conservatives' party conference. The triple lock pension, which is widely criticized as unsustainable, ensures that the state pension grows by the highest of inflation, wage growth, or 2.5 percent annually. Economists from various political backgrounds have warned that the "ratcheting" effect of this policy will ultimately strain public finances by allowing the state pension to outpace wage growth over time.

Former Labour frontbencher Andy Burnham announced that his party would fight the next election on a promise to reform the triple lock pension, ensuring it would only rise by 2.5 percent or inflation each year, aligning with wage growth in the long term. In response to criticisms, Badenoch stated that the triple lock is their policy and that it remains their steadfast commitment.

The controversy has split the Conservatives, with former Brexit minister Steve Baker criticizing Labour's advertisement suggesting they would "cut" pension payments. Shadow communities secretary Katie Lam, also advocating for a new pension system, believes the current structure cannot sustain itself for much longer. Labour's proposed policy has been met with mixed reactions from former Tory frontbenchers, who have privately expressed their disagreement with the triple lock pension.