Badenoch defends triple lock pension as new Conservative principles paper released

Kemi Badenoch has reaffirmed the Conservative Party’s commitment to the triple lock pension, describing it as the correct policy for the nation. The leader made these remarks ahead of the party conference in Birmingham, where she also unveiled a new intellectual document outlining core Conservative values. Her defence of the pension guarantee comes amid growing scrutiny of the mechanism’s long-term fiscal impact and internal party debates regarding its sustainability.

The triple lock ensures that the state pension increases annually by the highest of three measures: inflation, average wage growth, or a fixed rate of 2.5 per cent. Badenoch stated that this approach properly rewards pensioners who have contributed to the system throughout their working lives. She explicitly rejected suggestions that the policy should be abandoned, asserting that her position remains unchanged despite recent comments from other party figures. The leader emphasised that the promise to maintain the triple lock stands as a central tenet of the party’s current platform.

This stance places the Conservative leader at odds with several colleagues and former frontbenchers who have questioned the policy’s viability. Shadow communities secretary Katie Lam, in a leaked recording from the summer, argued that the current system could not endure for much longer and suggested the country would eventually require an entirely new pension framework. Similarly, former Brexit minister Steve Baker criticised the party’s recent advertising, which claimed Labour would cut pensions, noting that the opposition’s proposed reforms would still see the state pension rise each year. In 2021, then-shadow chancellor Andrew Griffith also argued that the triple lock was unfair, suggesting it allowed pensioners to benefit from the misfortunes of others.

The debate has intensified following recent comments by Andy Burnham, who stated that Labour would campaign on a promise to reform the triple lock. Burnham’s proposal would see the pension rise by 2.5 per cent or inflation, whichever is higher, while levelling with earnings growth over the long term. Economists from across the political spectrum have warned that the current ratcheting effect, which sees the state pension outpace wage growth, leaves public finances exposed. Badenoch’s defence of the status quo contrasts with these warnings and highlights a significant division within the Conservative Party regarding fiscal policy and pension provision.

Alongside her defence of the pension policy, Badenoch presented a new paper titled The Right Way. The document, which draws a parallel to Margaret Thatcher’s The Right Approach, sets out principles of wealth creation, freedom, responsibility, and individual liberty. The leader argued that governments should be judged on their actions rather than their announcements. She cited examples of past failures, such as the lack of a strategy for lower immigration, the absence of an economically feasible route to net zero, and the lack of an economic plan accompanying the departure from the European Union. Badenoch concluded that the path to failure was paved with announcements, targets, and good intentions, positioning the new principles as a corrective to such approaches.