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The Conservative party is considering keeping the state pension 'triple lock' in its manifesto for the June general election.
Labour has made the triple lock, which increases the value of the state pension by the highest of prices, earnings or 2.5%, a key promise in its election campaign.
A recent report by John Cridland commissioned by the government into the state pension recommended that the triple lock should be dropped in the next parliament in order to ensure 'fiscal sustainability'.
Former pensions minister Ros Altmann has also suggested the policy should be dropped, and proposed a 'double lock' which would see the government drop the promise to keep pensions rising by 2.5% but maintain the link to earnings and inflation.
Now prime minister Theresa May (pictured) is considering ignoring critics of the triple lock due to worries that it may help Labour appeal to older voters, The Times reports.
One source told the paper the party was debating whether the fact inflation and earnings are both forecast to rise above 2.5% in the immediate future meant there was no point in dropping the final part of the promise.
'It’s a matter of pretty intense debate about whether to include it in the manifesto,' they said. 'On one hand it is politically costly and doesn’t actually save any cash. On the other, it’s clearly a nonsense.'
Former work and pensions secretary Stephen Crabb yesterday said the government should keep the triple lock until 2020, as promised in the 2015 general election manifesto.
'But the case for re-examining it after that is obvious,' he said.