Key facts
- Rupert Lowe, leader of Restore Britain, has proposed abolishing the triple lock pension.
- Lowe's economic plan includes three-year freezes on departmental budgets and ending net zero spending.
- The plan features tax cuts totaling £155bn, including raising the personal allowance to £16,000.
- Lowe would require the Bank of England to seek Treasury authorization before implementing quantitative easing.
- Lowe previously broke from Reform UK over allegations of workplace harassment and bullying, which he denied.
Rupert Lowe, the leader of the hard-right Restore Britain party, has unveiled a comprehensive economic plan that includes significant policy shifts, most notably the abolition of the triple lock pension. This move comes after Lowe's departure from Nigel Farage's Reform UK and his subsequent efforts to gain political traction.
Lowe's 62-page economic proposal, published recently, advocates for replacing the triple lock pension with an inflation-only increase, a policy supported by some economists due to concerns about public finances. The Office for Budget Responsibility has previously warned that the triple lock is unsustainable, projecting it to consume nine percent of GDP in 50 years.
Beyond pensions, Lowe's plan includes three-year freezes on departmental budgets and a freeze on working-age benefits until 2030, aligning with ideas promoted by economist Roger Bootle. He also proposes ending net zero spending. Conversely, the pamphlet details substantial tax cuts, aiming to raise the personal allowance to £16,000 and implement a zero corporation tax rate on the first £50,000 of profit. These cuts are projected to total £155bn, offset by £178bn in savings.
Lowe has also targeted the Bank of England's monetary policy, suggesting that any new quantitative easing programs would require authorization from the Treasury. This stance echoes criticisms from figures like Reform UK's Richard Tice and Chancellor of the Duchy of Lancaster Louise Haigh. Lowe's party has also attracted attention for its immigration focus and, more recently, for winning approximately seven percent of the vote in the Makerfield by-election, impacting Reform's polling share.
This economic agenda follows a period of public dispute between Lowe and Nigel Farage, after Lowe was ousted from Reform UK in early 2025 following allegations of workplace harassment, which Lowe denied as politically motivated. Despite this, Lowe recently offered Farage a truce for an electoral deal, though Farage has not ruled out such a pact. Lowe's controversial comments on social issues and his party's far-right policy positions continue to make him a notable figure in the UK political landscape.