Triple lock: Liberal Democrats to keep triple lock on pensions despite rising cost - Davey

The triple lock is a government promise to raise publicly funded pensions by the level of average earnings, inflation, or 2.5%, whichever is the highest. A report by the Institute for Fiscal Studies said its cost could reach between an additional £5bn and £45bn a year by 2050.

Speaking to Sunday Morning with Trevor Phillips, party leader Ed Davey said 'the Lib Dems first came up with the triple lock'.

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