The “triple lock plus” promise stands in tatters after the Conservatives suffered crushing defeat to Labour.
Rishi Sunak had previously promised that if re-elected he planned to increase the tax-free allowance for pensioners in line with the triple lock in an effort to prevent stagnation and ensure future rises.
Currently the triple lock means that the state pension increases in line with inflation, average earnings, or a minimum of 2.5 percent if the other two options are lower.
If the triple lock plus were to be introduced then retirees’ tax-free allowance would have also risen in accordance with these metrics.
But Labour has announced that it has no intention of sticking with the proposed triple lock plus.
Jonathan Ashworth, Labour’s shadow Paymaster General, described the policy as “another desperate move from a chaotic Tory party” and that the Conservatives were “torching any remaining facade of its claims to economic credibility” with its announcement.
Tax threesholds …