Pensioners face a real-terms cut in their income next year as Prime Minister Liz Truss appears to have backed down on her commitment to the triple lock on state pensions following the appointment of new Chancellor Jeremy Hunt. The triple lock raises pensions by the highest of inflation, average earnings or 2.5%.
That would mean a 10% or so rise in April 2023, taking the New State Pension from £185.15 to just over £200 per week. But if Liz Truss ditches it the increase could be as low as 2.5% - meaning pensions going up by much lower than the rate of inflation.
The Prime Minister’s official spokesman said: “We are very aware of how many vulnerable pensioners thee are and indeed our priority ahead of this fiscal plan is we continue to protect the most vulnerable in society.
