It would be substantially higher, and the value of pensioners' incomes would be substantially lower. The Labour party practised a link with earnings, but pensioners' incomes rose by only 3 per cent. During our term in office, pensioners' incomes have risen by 33 per cent. It is much more valuable to pensioners that their overall income should rise rather than that the state pension should be linked to something theoretical, which would cost employees and employers £7 in national insurance, would not benefit less well-off people and would not result in an overall rise in incomes.