During his statement to Parliament on Monday, new Chancellor Jeremy Hunt refused to be drawn on whether the State Pension would be uprated in line with the Triple Lock. The Chancellor was asked on four separate occasions whether he would observe the Triple Lock guarantee, but repeatedly said he could not commit to any changes at that time.
Labour’s Jeremy Corbyn and John McDonnell pressed Mr Hunt for reassurance that pensioners would not miss out as inflation continues to soar, but the Chancellor stood firm. The latest Consumer Price Index (CPI) will be released on Wednesday, October 19 and is expected to be above 9%, following on from 9.9% for the 12 months leading up to August.
The Triple Lock guarantees that State Pensions grow in line with whichever is highest out of earnings, inflation or 2.5%. It was introduced to help give pensioners a decent minimum level of income which would keep pace with growth in workers' earnings.
