Labour refuse to guarantee triple lock on pensions

Labour leader Sir Keir Starmer (Image: GETTY) Labour could be set to backtrack on the pension triple lock if it wins power. Shadow Financial Secretary to the Treasury James Murray refused to give a cast-iron pledge on the formula for retirees. He said the party would need to examine the nation’s finances, should Sir Keir Starmer move into No10. He told Sky News: ‘Going into the next election, we’ll see what we inherit, because any promises we make have to be fully costed and fully funded.’ Insiders say the party can only guarantee to honour it if the Tories also commit, otherwise it becomes a fresh spending pledge. The formula guarantees state pensions rise by at least the rate of inflation, earnings growth or 2.5% every year. Dennis Reed, of campaign group Silver Voices, said: ‘It is disappointing Labour are getting cold feet. If they truly want to be in government then they need to set out how they want a decent, dignified and fairer society to operate.’ A Treasury source said: ‘Labour needs to clear up the muddle they have got themselves into.’ Labour said it will set out plans in its manifesto, adding the PM was yet to make his own statement.