Boris Is Told To Leave Pension Triple Lock Alone

Boris Johnson is being warned that suspending the pension triple lock will be the final straw for older voters – as No 10 admits the figures are “under review”.

- Sam Lister

Pensioners are expecting a weekly increase of up to £14 a week, equivalent to more than £700 a year, because the pandemic has skewed the figures used to calculate the rise.

It would leave the Treasury scrabbling to find at least £3billion more than it had budgeted for.

Downing Street said the Government had to “ensure fairness for both pensioners and taxpayers”.

A spokesman said: “The Chancellor has said previously that the triple lock is Government policy, but we’ll recognise people’s concerns.

“We will obviously keep figures and numbers under review, as we always do, and take any decisions at the appropriate time.”

The triple lock guarantees that the state pension increases in line with inflation, wage growth or 2.5 per cent, whichever is higher.

However, average earnings are expected to rise at least eight per cent this year because they are measured against the same period the previous year, which means they will be compared to pandemic wages.