A former Cabinet minister has become the most prominent serving Labour MP to publicly admit the state pension triple lock should be scrapped to lessen the financial burden on young people.
Liam Byrne, the chief secretary to the Treasury under Gordon Brown who famously left a note for his successor saying there was “no money” remaining when Labour lost power in 2010, is one of the first MPs to break ranks with his party over the issue.
A growing number of Labour MPs have expressed private frustrations over the party’s commitment to the triple lock, which guarantees that the state pension goes up each year with either inflation, wage increases or by 2.5 per cent – whichever is highest.
Shorts
However, many MPs also believe that ditching the annual state pension increase guarantee is too politically toxic for the Labour Government to attempt.
