Kemi Badenoch has said she does not want to scrap the triple lock “now” but said “lets see mess Labour leaves for us”.

The Tory leader told Sky News that the triple lock was a Conservative idea and that it was right to protect people who had contributed to the welfare system.

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The triple lock means the state pension must rise by whichever is highest of either average earnings, inflation or 2.5%.

However, she said she would not say she would “never” reform it or explicitly rule it out for the next parliament.

In April, the government stated that 55% of social security expenditure in 2025-26 would be spent on pensioners.

The Office for Budget Responsibility says the triple lock has pushed up the spending on the state pension by £12bn a year, compared to if it had been uprated in line with average earnings.

The problem with the triple lock, Ms Badenoch suggested, was low growth – with 0.1% in the UK.

She suggested it was also the reason why Argentinian President Javier Milei – whom she has praised as “fantastic” and “fearless” – could block pensioner entitlement rises is because they are growing at 6%.

“If we were growing a 2% to 3%, you wouldn’t have a problem with pensions,” she explained.

“Argentina is growing at 6%. What we’re seeing right now is growth at 0.1%. Growth is flatlining. We need to start with getting growth.”

But asked whether the Tories would “never” look at reforming the policy, she said: “That moment is not now. And I don’t want people to be confused about what our policy is right now. Our policy is to keep the triple lock. Let us focus on welfare, that is the picture of what we mean by right now.”

Asked how long that would be her position for, Ms Badenoch replied: “Well, let’s see what this budget leaves. Let’s see what mess Reeves leaves for us.”

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The triple lock is the cause of much debate, given the economic climate, with Reform UK leader Nigel Farage also saying its future depended on the state of the economy.

Asked by political correspondent Tamara Cohen whether a potential Reform government would keep the triple lock, Mr Farage said the matter was one of “open debate” and that keeping the triple lock would depend “on the state of the economy”.

Pressed on when he would make a decision because pensioners were becoming concerned, he said: “Not now. Nearer the election.”

He added: “Right now they’re getting above inflation increases.

“That doesn’t mean they’re wealthy. The real worry for many pensioners will be even with modest pensions, this budget could drag them all into the tax system. That’ll worry them even more.”

Nigel Farage gave a press conference on Tuesday, highlighting £25bn of savings he claims Rachel Reeves can make in her budget – including slashing overseas aid and welfare for foreign citizens.

But he said the areas where the local councils are now run by Reform are experiencing “massive problems” with their finances and may have to raise council tax.

The Reform leader claimed that when campaigning in the local elections in May, he “did not make a single promise – not a single promise in that election campaign that we’d be able to freeze or cut council tax”.

“I never said it once. And you know why? Because I realised the massive debts that we were inheriting from those county councils.”

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A turquoise tide saw Reform gain control of 10 councils and win some 600 local councillors.

Farage promised a “DOGE” unit, inspired by Elon Musk’s initiative in the US, to slash waste.

But most councils have indicated they will have to raise council tax, as they grapple with budget shortfalls and the pressures of adult social care.

I asked him why voters should believe he could easily find spending to slash in national government, if the record in local councils was anything to go by.

Mr Farage said: “There is a massive problem and this is going to need the national government to work with the local government to reduce those burdens.

“Are we determined to make changes? Yes. Will we cut debt? Yes. But can we give people a free ticket at this moment in time on council tax? No.”

Kent County Council – where a leaked phone call exposing tensions about budgets led to councillors being suspended – is expected to raise council tax by the maximum of 4.99% next year.

Durham County Council is reported to be looking at raising parking charges.

Farage added later in the press conference that he hoped councils would keep their rises to the level of inflation, 3.8% in September.

The US Office of the Comptroller of the Currency (OCC) issued guidance to banks confirming their authority to hold specific cryptocurrencies for the purpose of paying network gas fees.

In a Tuesday notice, the OCC said US banks were allowed to hold crypto on their balance sheets to pay network, or gas fees, provided the transactions were for permissible activities. The regulator said that an authorized national bank “may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms.”

“As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law,” said the OCC.

The notice expanded upon a May letter informing banks that they could handle digital assets on behalf of their customers and outsource some crypto activities to third parties. Both sets of guidance came amid the OCC striking a different tone on crypto under US President Donald Trump, reducing the regulatory burden on financial institutions.

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The Tuesday letter cited the GENIUS stablecoin bill signed into law in July, which establishes a regulatory framework for payment stablecoins. According to the OCC, stablecoin transactions at authorized national banks will likely require network fees, allowing the bank to pay through assets in its custody or an agent.

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Although the stablecoin bill was signed into law in July, the legislation is still likely to be months away from implementation, as the US Treasury and Federal Reserve need to finalize the regulations.