Triple Lock: “Conservative Government takes more than £10 million from Guildford Pensioners in just three years.”

As the Government once again looks set to break the triple lock guarantee, Liberal Democrat analysis counts the cost paid by Guildford pensioners. 

The “Triple Lock” Guarantee is a pledge to increase the state pension each year by whichever is greater: 

• earnings growth 
• consumer price inflation (CPI) or  
• 2.5 per cent 

It is understood that the Conservative government is likely to break the triple lock pledge once again.  

Instead of increasing the amount fully in line with earnings, they will exclude bonuses, meaning that pensioners will receive a 7.8% rise in the state pension, not the 8.5% the triple lock would guarantee them.  

Failing to fully implement the guarantee in 2024 could take £1.1 million from pensioners in the Guildford constituency. 

Pensioners also lost out in 2022, when the government increased pensions by the lower figure of CPI inflation, instead of in line with earnings, which would have been a higher increase. 

The effect of both cuts since 2022 could leave Guildford’s pensioners more than £10 million worse off over three years. That’s the equivalent of a cut of £552 each. 

Liberal Democrat spokesperson for Guildford constituency, Zöe Franklin said:  

"To row back on the triple lock would be another in a long list of callous Conservative party broken promises.  

"Pensioners across Guildford should be rewarded for their decades of contributing to our society, not be forced to suffer this Conservative government turning its back on them once again, right in the midst of a cost-of-living crisis. 

"The triple lock must be maintained, and Guildford’s pensioners must be given the money they deserve.  

“Instead, this out-of-touch Prime Minister looks set to punish them for his own party crashing the economy." 

The Liberal Democrats have been the only major party to commit to the triple lock in full ahead of the next General Election.