Defence Secretary Wes Streeting has confirmed the Labour government remains committed to the pensions triple lock, ahead of his speech at the party conference in Liverpool.
The triple lock, introduced in 2010, guarantees the State Pension will rise each year by whichever is highest: inflation, average earnings growth or 2.5%.
Manifesto pledge reaffirmed
Asked whether it was "right to look at the triple lock" to support defence and social care spending, Mr Streeting told Sky News that the manifesto "was clear on this" and Labour are committed to the triple lock.
He added: "And (Prime Minister) Andy Burnham has been clear that we are standing by our manifesto. So, I hope that's clear."
Streeting has hinted that the triple lock will not be scrapped before an election.
Cost concerns and criticism
However, the triple lock is expensive for the nation as increases are secured annually. Even if the amount surges in one particular year, it would still be required to rise again the following year.
Critics say that formula has steadily pushed more welfare spending towards older people, while younger families face rising living costs, housing pressures and weaker support from the benefits system. Supporters counter that the UK still spends less on pensions than many comparable countries.
The State Pension alone is forecast to cost about £146bn in 2026/27, with total spending on pensioner benefits put at around £169bn. Costs are expected to rise as the population ages and more people reach State Pension age.
Social care funding and conference speeches
On the upcoming budget, Streeting was asked if taxes will go up to pay for things like social care. He said: "No one's wanted to touch it. He's running towards it, he's grasping it, and he will have a national conversation with the country about how we pay for it following the Casey Commission."
Yesterday, Burnham suggested tax rises to pay for social care would be put to the public as part of his manifesto for the next election.
The Labour Party conference will see major speeches from Prime Minister Andy Burnham and other key figures, as well as a host of fringe events.
This afternoon, John Healey will pledge to take Britain forward into a "new age of industrialisation" when he addresses the Labour Party conference for the first time as Chancellor.
The former defence secretary is expected to argue that the UK cannot return to the coal mines of its past, while setting out a positive economic vision based on modern industry.
