Triple lock pension: Leadsom warns of ‘difficult decisions’

Prime Minister Rishi Sunak has come under increasing pressure from his own side to ensure pensions rise in line with soaring inflation. Conservative MP Scott Benton warned it would be “inconceivable” for the party to abandon its 2019 election pledge to retain the triple lock. Ms Leadsom warned that many people are struggling.She told Times Radio: “For people who are on a fixed pension and relying on a state pension, they are not well off.”Many are struggling and particularly with food prices and energy prices where they are, even with Government support they are really, really struggling.”However, there are many wealthy pensioners who own their own home, have got private pensions, who don’t need that triple lock.”In my view it may be the time now to start looking at some form of means-testing.READ MORE: Pensioners fear triple lock state pension will be axed Andrea Leadsom has suggested “means-tested” state pensions (Image: Times Radio) Rishi Sunak has come under increasing pressure from his own side to ensure pensions rise (Image: Getty)”I think the Government should have nothing off the table but these things can’t just be done overnight so the Government has got some very difficult decisions to make.”However, I do think thing promises have been made about the triple lock particularly last year where it was absolutely made clear that the triple lock would be back in place for this year.”Commons Leader Penny Mordaunt, who last month said it “makes sense” for benefits payments to match inflation, thanked Mr Benton for his efforts in “highlighting the importance of the triple lock”.The Tory manifesto in 2019 committed to the triple lock, which guarantees the state pension will increase in line with the highest figure of average earnings, inflation or 2.5 percent.State pensions and benefits increased by 3.1% this year, after the triple lock was temporarily suspended for a year.Mr Sunak and Chancellor Jeremy Hunt have refused to commit to the triple lock on pensions, meaning millions could face real-terms cuts in April, as inflation soars past 10 percent.Mr Benton, MP for Blackpool South, told the Commons: “Over the last few months I have been inundated with correspondence from constituents regarding retaining the triple lock.”It would be inconceivable to abandon our manifesto pledge on this issue, not least because senior citizens – unlike people of working age – have no means to increase their income to support themselves with the cost of living.DON’T MISSIsrael takes dig at UK after fifth election in four years [INSIGHT]Jeremy Corbyn laughed down in Commons after Sunak claim [VIDEO]Just Stop Oil warn Sunak he has just 24hrs to meet their new demands [ANALYSIS] State pensions and benefits increased by 3.1% this year (Image: Getty)”I appreciate the Government will outline a way forward in two weeks’ time but can we have a debate in Government time about how we can best support older people with the cost of living?”Ms Mordaunt replied: “Well I thank (Mr Benton) for the efforts he has taken in highlighting the importance of the triple lock.”We know the older people are, the higher their cost of living. Clearly the Chancellor will be making a statement shortly about that but I thank him for getting his views on the record today.”Mr Hunt is due to reveal the Government’s latest financial plans on November 17, with up to £50 billion of spending cuts and tax rises under consideration as he confronts a gaping financial black hole.