Pensions Triple Lock

Brian Leishman Excerpts

Tuesday 13th October 2026 Commons Chamber

[Pat McFadden]

It is right that we do not wait until April 2030 before trying to improve the system. Extra money is going into the social care system as a result of decisions made by this Government. We also need to do more to support the social care workforce through the fair pay agreement that this Government have promised. We will certainly not wait until April 2030 before improving the system. This announcement gives a long-term plan, which makes it different from many of the previous reviews and reports that have been issued. It identifies a sustainable and growing source of funding to pay for the national care service that the Prime Minister set out in his conference speech.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

The Secretary of State says that a range of options has been put forward, but what about taxing the wealth of multimillionaires and billionaires? Funding social care should come from taxing them instead of reducing pensioner security. There are 2 million pensioners in the UK living in poverty, and that is even with the triple lock. Why will the Government not tax the wealthiest to pay for social care instead?

[Pat McFadden]

Since we came into office, we have changed the system of non-doms and the taxation regime for the wealthiest in society. More broadly, tax is a matter for the Chancellor and he has to weigh all these things up. The way that we are doing this is fair. It is a new settlement for pensioners that ensures a rising basic state pension, but also tackles the long-running issue of social care. It is a new settlement not just for pensioners but for their families, who often are worried about what will happen to their elderly relatives as they approach their final years.