Rupert Lowe's Restore Britain vows to scrap UK state pension triple lock

The Restore Britain party, led by former Reform UK MP Rupert Lowe, has pledged to end the state pension triple lock if it wins the next general election. The party’s economic policy paper proposes linking pension increases solely to consumer‑price‑inflation (CPI), which is currently 2.6%, instead of the existing formula that adds the highest of CPI, average earnings or 2.5%. Lowe claims the change would save the Treasury £2‑3 billion a year and up to £25‑30 billion over a decade.

The proposal is part of a broader platform that includes three‑year freezes on departmental budgets and a demand that the Bank of England seek Treasury approval before launching quantitative easing. Lowe, who left Reform UK in 2025 and has attracted support from figures such as Elon Musk, says the move is necessary for inter‑generational fairness, even though all other major parties have pledged to keep the triple lock.

Economists have noted that the triple lock has become financially unsustainable, but it remains a politically sensitive issue for parties seeking support from older voters.