Lib Dems commit to triple lock to protect pensioners in Taunton and Wellington

The Liberal Democrats have become the only major party to commit to the triple lock on pensions, supporting the 26,953 pensioners living in the Taunton Deane constituency.

The party is set to commit to the triple lock in its draft manifesto for the next General Election being adopted at its Autumn Conference this weekend. The commitment would ensure pensions rise in line with inflation, wages or 2.5% – whichever is highest.

It means the Liberal Democrats are the only major party to commit to maintaining the triple lock in future years, with both the Conservatives and Labour refusing to do so.

The Lib Dems said the policy would protect pensioners facing sky-high bills from the cost-of-living crisis, adding that pensioners deserve to have the security of knowing that the triple lock will be there to support them in future years.

The Liberal Democrats brought in the triple lock while in government, lifting 300,000 pensioners out of poverty. However, one in seven pensioners nationally still live in absolute poverty.

Gideon Amos, the area’s Liberal Democrat Parliamentary candidate, said: “Many pensioners in Taunton and Wellington are already worried sick about how to pay the bills, as the cost of heating and eating goes through the roof.

“Now the refusal of both the Conservatives and Labour to commit to protecting pensions in future is causing even more anxiety for those struggling to get by.

“The Liberal Democrats are proud that we brought in the triple lock, lifting thousands of pensioners out of poverty and that it was a Liberal government that invented state pensions. We are committed to keeping the triple lock in place, giving people the security of knowing it will be there to support them in future years.

“Pensioners should not be made to pay the price for years of economic chaos under the Conservatives Party.”

Mr Amos said the UK continued to have one of the lowest state pensions of any advanced economy.

“When you look at the state pension as a share of average income in different countries – we’re below countries such Poland, Latvia and Slovenia and we rank well below the average for developed countries.

“From 1980, the value of the state pension fell away. The triple lock has started to reverse that trend, but you can’t undo 30 years of damage in 13 years.

“Ensuring pensioners have a decent retirement income now is as much about supporting people in their old age as it is ensuring that by the time the next generation retire the state pension hasn’t been eroded by inflation.”