POLITICS

John McDonnell Vows To Protect Pension 'Triple Lock' Until 2025

01/12/2016 12:03 | Updated 01 December 2016
BEN STANSALL via Getty Images

The Shadow Chancellor has promised to protect pension benefits, after the Philip Hammond hinted they could be at risk after 2020.

Labour’s pledge to maintain the ‘triple lock’ on pensions - ensuring they increase either with inflation, earnings or 2.5% - followed the Chancellor’s remarks the flagship policy could be scrapped to “tackle the challenge of rising longevity”.

On Tuesday, John McDonnell said Labour would keep the lock until 2025, accusing Hammond of “abandoning older people”.

“Hammond’s refusal once again to provide pensioners with the reassurances over the triple lock will only add to the worries of people in their older age”, he said.

Bloomberg via Getty Images

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