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Liverpool Echo
Liverpool Echo
World
Lottie Gibbons

DWP state pension update as triple lock promise not guaranteed

The Government has neglected to commit to keeping the triple lock pensions guarantee as Chancellor Jeremy Hunt is said to be preparing up to £60 billion in tax rises and spending cuts.

The 'triple lock' rule means the state pensions must rise each year in line with the highest of three possible figures, inflation, average earnings or 2.5%. But speaking on LBC, Cabinet minister Grant Shapps would not be drawn on whether he believes the triple pensions lock is a matter of Tory principle.

Previously, former Prime Minister Liz Truss was clear state pensions would increase in April by whichever is highest - 2.5%, wages or inflation. She said in BBC interview: "I've committed to the triple lock. Yes."

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