Reform to fund pensions triple lock with ‘biggest benefits bill cut in history’, Farage says in U-turn
Nigel Farage has backed a ‘triple lock’ pension guarantee despite previously warning it was “nationally unaffordable”.
Mr Farage said the policy was affordable, saying his party would soon “unveil cuts in the biggest aid bill ever seen in this country”.
The move will be seen as a victory for Reform in its high-profile split from Tory Robert Jenrick, who backed the policy in February saying people deserved “dignity and security” in old age.
At a press conference in central London, Mr Jenrick vowed to cut the “tens and tens of billions” of pounds wasted by the government as the party “fundamentally resets” spending to “put the British people first”.
“We have already identified savings of £40bn each year,” he added.
The U-turn comes just months after Mr Farage said his party would “guarantee nothing” to pensioners and said they “need to see what the economy is like as we get closer to the next election”.
Mr Farage defended the change, saying: “When I said the jury was undecided on the triple lock and what we would decide to do about it… if I could translate that into plain English, what I meant was that the jury was undecided. “Not that I have decided either way.
“And we discussed it and discussed it and decided to keep it.”
He added that his party would outline “the most radical proposals to reduce welfare ever seen in this country” within two weeks.
He said the move would mean the party could meet the triple lock “many times over”.
He suggested that the money should be used on pensioners, describing them for the most part as “people who have actually worked and paid into the system”.
He announced that the reform would also seek to abolish defined benefit pensions for new entrants to the public sector.
The triple lock introduced by David Cameron’s government means the state pension will increase by the rate of inflation, average earnings or 2.5 per cent, whichever is higher.
The system is popular among retirees, but there have been increasing questions about its economic sustainability in recent years.
A Conservative source said Reform UK was “all over the place on the triple lock”, adding: “As Reform’s local election campaign descends into chaos, it is becoming increasingly clear that Jenrick is strong-arming Farage into backing unfunded policies.”
The change means Reform will commit to continuing the policy if it wins the next general election.
The announcement comes as the party races to win votes in elections to English councils, the Scottish Parliament and the Welsh Senedd early next month.
Mr Jenrick recently said he had “always been a supporter” of the policy, adding: ‘We’ll say more, but it’s incredibly important that we provide dignity and security for older people on fixed incomes in the final decades of their lives.’
But that’s when Mr Farage suggested the policy was still being debated. He said: ‘I haven’t changed my mind about the triple lock. It is still open to debate. Everything is open to discussion.’
The policy is expected to cost the Treasury an additional £6bn a year if it rises by 4.8 per cent to £12,548 on Monday.
