Former Tory spin physician says Treasury hates pensions triple lock – and at all times needed to scrap Winter Fuel allowance
Treasury officials repeatedly suggest scrapping the pensions triple lock and the winter fuel allowance, a former Tory spin doctor has said.
In yesterday’s Budget, Chancellor Rachel Reeves confirmed the state pension would rise by 4.1% under the triple lock in April, which would mean an additional £470 per year for those receiving the full new state pension.
But Cameron Brown, who was an aide to ex-Chancellors Kwasi Kwarteng and Jeremy Hunt, disclosed that Treasury officials have always wanted an end to the triple lock.
Speaking on The Division Bell podcast, he revealed: “Whenever there’s a new Chancellor, the Chancellor says: ‘I want [the Treasury] to produce a list of policies that we can axe in the Budget’.
“They always dust off this list of the favoured tax changes or spending changes.
“Amongst them, of course, is getting rid of the triple lock completely…The Treasury officials don’t like it because it goes up and up and up constantly regardless of the wider economic situation.
“It’s a very, very expensive policy. But you know what? Pensioners can’t change jobs or start work; they have no other option. For many of whom this is their only source of income. So I think it’s right that we protect it. But the Treasury are not fans.”
The Triple Lock ensures that state pensions increase annually, based on the highest of inflation, wage growth, or 2.5 percent. However, the Triple Lock will have less impact for those no longer able to claim Winter Fuel Payments.
Labour previously announced that millions of pensioners will lose Winter Fuel Payments – approximately £300 – to help close the black hole in the economy left by the Tories.
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Leon Neal/Getty Images)
Although the Triple Lock will bring pensioners around £470 more in 2025, those affected by cuts to the Winter Fuel Payment could end up with less overall.
Cameron also claims that the Treasury has long been opposed to Winter Fuel Payments and pushed for means-tested Winter Fuel Payments to be introduced to cut costs.
He said: “Second [on the list], of course, is the winter fuel payments. Making that means tested was always put to us as an option to save money.”
“Why would we ever do that? You have this cliff edge problem that we have now. A pensioner on £12,000 a year is going to lose £300 over the winter period, and we’ve just come out of an energy crisis.”
For more, you can listen to The Division Bell on Spotify, YouTube and Apple Podcasts
