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

“Labour is committed to supporting older people, and ensuring they have a secure and sustainable retirement.”

“Labour will support the pensions triple lock and instead of cutting taxes for the super-rich and giant corporations will make sure our NHS and social care is properly funded.”

McDonnell’s remarks drew criticism from other Labour MPs. Labour’s Frank Field said his pensions pledge would make it hard to “balance the books”.

“To maintain a favourable position for pensioners and disfavourable position to people below retirement age will be hard,” he said.

McDonnell has since told the FT he would also leave other pension benefits unchanged until the end of the next parliament.

In his Autumn Statement Hammond said “We will meet our pledge to our country’s pensioners through the triple lock.

“But as we look ahead to the next Parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability.

“And so the Government will review public spending priorities and other commitments for the next Parliament in light of the evolving fiscal position at the next Spending Review.”

Iain Duncan Smith and Stephen Crabb, former Work and Pensions Secretaries, have both called for the triple lock to be cut.

The announcement follows a report by a cross-party committee of MPs who said the pension triple lock is “unsustainable” and should not be “sacrosanct”.