Chancellor non-committal on pension triple lock
- On October 19, 2022
- By GrowthInvest Marketing
Chancellor Jeremy Hunt said he was “not making any commitments” on the pension triple lock, just weeks after his predecessor Kwasi Kwarteng reiterated the government’s commitment to this safeguard.
In the House of Commons yesterday (17 October), Labour MP Emma Hardy asked whether the state pension would rise with inflation in April 2023 and whether he could re-commit to it.
The triple lock promises an increase in the state pension pension by whatever is highest – earnings growth, consumer price inflation growth, or 2.5 per cent a year.
With annual inflation growth hovering around double digits, well above wage growth which sat at 5.4 per cent in August, this promise would cost the government at a time when it is trying to reel back with tax cut reversals and spending cuts.
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