04:22 GMT28 February 2020
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    UK Chancellor Philip Hammond should clarify the future of the so-called triple lock system of pensions' growth, the Labour Party’s shadow work and pensions secretary said Tuesday.

    MOSCOW (Sputnik) In November, the Work and Pensions select committee said in a report that the maintenance of the triple lock system would hamper the country's economy and called to scrap it.

    "The Chancellor must use this Budget to provide clarity on the issue of the triple lock, and follow Labour’s lead by committing to the policy beyond 2020," Debbie Abrahams said, as quoted by the Labour Party.

    She added that the last Labour government was responsible for reduction of poverty levels among pensioners.

    The triple lock is the policy introduced in 2010 in the United Kingdom, which guarantees that pensions in the country grow annually. The growth is calculated based on growth of average income, or of the consumer price index. The rise could also reach 2.5 percent if the rest parameters are lower.

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    pensions, Labour party, Philip Hammond, United Kingdom
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