'We're not getting rid of the Triple Lock', insists Treasury chief as John Healey delivers first speech as Chancellor
The triple lock has come under pressure from those calling for changes to public spending.
Emma Reynolds has insisted the Government will not scrap the Triple Lock, as Chancellor John Healey prepares to set out his plans for economic growth.
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The chief secretary to the Treasury told LBC’s Nick Ferrari that “the Prime Minister has made clear that we’re not getting rid of the Triple Lock”.
Asked whether that ended speculation ahead of next month’s Budget, Ms Reynolds said she would not comment on other tax measures before the Chancellor’s statement.
She added that pensioners were on fixed incomes, which was “why we have the Triple Lock”.
The triple lock has come under pressure from those calling for changes to public spending.
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Mr Healey is expected to use his first speech as Chancellor on Monday morning to outline the Government’s approach to what it calls “good growth” across the country.
Ms Reynolds said he would focus on job creation and building on the strengths of sectors including technology, the creative industries, life sciences and financial services.
He is also expected to set out further plans to devolve power to local decision-makers and mayors, with Ms Reynolds saying they know “where best to put resources and pull levers in their local areas”.
Defending the Government’s economic record, she said the UK had the “fastest growing economy in the G7”, although she acknowledged there was “lots more to do”.
Mr Ferrari pointed out that growth was currently 0.2%, compared with 1.5% in the US.
Ms Reynolds said global growth was relatively sluggish, but argued that the UK was performing relatively well compared with other leading G7 economies.
She said the Chancellor believed the country was “starting to turn a corner” and had “great optimism” about its economic strengths and the companies investing in the UK.
Ms Reynolds also referred to a proposed scale-up fund for the North, backing companies and universities from Newcastle to Liverpool.
Asked about the recent rise in government borrowing costs, she declined to comment directly on bond yields, saying Treasury ministers’ remarks could be “market moving”.
She instead pointed to global instability and conflicts including the war in Ukraine, arguing that other countries were also facing higher borrowing costs.