Labour looks to cap state pension

In an interview with the BBC, Balls said that Labour was committed to maintaining the value of the state pension but social security expenditure needed to be looked at "across the piece". He said that the party was likely to factor pensions into its calculations for a three-year cap from 2015-16. Balls told Sunday Politics: "George Osborne is going to announce his cap in two weeks' time. I don't know whether he will exclude or include pensioners spending. At the moment our plan is to include it." He said the party would employ an "iron discipline" on spending if it returned to powe...