The Liberal Democrats have seized on remarks by Theresa May and Philip Hammond that suggest the Conservatives will drop their commitment to the triple lock on pensions and might also hike taxes and National Insurance.

Alistair Carmichael MP, Liberal Democrats shadow first secretary of state, said:

“This is May and Hammond admitting that the cupboard is bare thanks to their disastrous hard Brexit.

“Liam Byrne famously waited until after the 2010 election to admit there was no money left. The Conservatives are causing so much carnage to the economy they have had to admit the country is broke before election day.

“Theresa May’s refusal to guarantee the triple lock is yet another massive U-turn by the Prime Minister. Conservative high command is clearly in total disarray as it attempts a handbrake turn every day, including on such major issues as immigration, foreign aid and the single market.

“The triple lock was a Liberal Democrat achievement in the coalition government and pensioners should now realise that their pensions are not safe in Conservative hands.

“Workers struggling with falling living standards and a Brexit squeeze will see that the Chancellor is already hinting that he will hike taxes. With the economy facing a £200bn Brexit black hole over the next 15 years, no wonder the Tories plan to raise taxes and slash spending.

“It just shows you can’t have a hard Brexit and a safe pension.”