By GB News (Politics) | Created at 2026-06-12 09:08:34 | Updated at 2026-06-12 20:42:56
12 hours ago
The state pension's future has been plunged into doubt as the Labour Government's cost of living tsar is imploring Prime Minister Keir Starmer to axe the triple lock.
Lord Walker of Broxton, a senior adviser to the Prime Minister, delivered a stark message to the House of Lords on Thursday, describing the policy as "mathematically unsustainable, politically untouchable and profoundly unfair".
The Iceland executive chairman, whose father Sir Malcolm Walker founded the supermarket chain, also called for sweeping welfare reform, arguing the system should support "those who need it, not those who choose it as a lifestyle"/
The triple lock mechanism guarantees state pensions increase annually by whichever figure is highest among inflation, average earnings, or 2.5 per cent.
Labour's cost of living tsar tells Keir Starmer to ditch the triple lock
GETTY
Introduced during the coalition Government in 2011-12, the policy now represents approximately 55 per cent of total welfare expenditure, costing £178billion in 2025-26.
Lord Walker's intervention creates an awkward situation for Mr Starmer, who committed to preserving the triple lock for the duration of Labour's time in office ahead of the 2024 General Election.
The Prime Minister had argued at the time that pensioners deserved certainty about their income. Lord Walker was elevated to the Lords by Sir Keir in January and appointed cost of living champion the following month.
Beyond his criticism of the triple lock, Lord Walker issued a broader warning about Labour's economic direction, urging the Government to adopt a more business-friendly approach.
He expressed disappointment that growth had fallen short of his expectations since backing Labour in 2024.
"I support the Labour Party, not the benefits party," he said, adding that the party had promised to be "pro-growth, pro-business and on the side of the builders, not the blockers".
Lord Walker emphasised that only business could generate wealth, employment and tax revenue, insisting economic expansion was the sole solution to Britain's challenges.
He noted that incentives to work were "diminishing." The triple lock faces growing criticism across the political spectrum, despite all major parties officially supporting it.
Lord Walker of Broxton was appointed the Government's cost of living tsar
Earlier this week, think tank The Resolution Foundation joined the growing number of groups calling on the triple lock to be axed.
Lily Megson-Harvey, the policy director at My Pension Expert, said: "The Resolution Foundation is right to raise questions about the long-term sustainability of the triple lock, but for millions of pensioners this is larger than academic debate, it's about financial security.
"Many retirees are currently grappling with rising living costs and uncertainty about how long their savings need to last. Scrapping the triple lock without a clear alternative risks undermining confidence in retirement planning when certainty is needed most.
"People deserve confidence that the goalposts won't keep moving as they approach retirement, giving them the certainty needed to plan for later life and make informed decisions about their financial future."
