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  5. Sunak promises to maintain triple lock for millions of pensioners

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Sunak promises to maintain triple lock for millions of pensioners

Rishi Sunak's decision to maintain the triple lock comes as public finances are strained. Photo: Maria Unger/AFP

Rishi Sunak will keep a triple lock on state pensions if he wins the next election, ensuring payments continue to match the cost of living of millions of Britons until the end of the decade.

The Telegraph understands that the Prime Minister is committed to sticking to the policy set out in the Tory manifesto, which ensures the state pension will increase by the maximum amount of earnings, prices or 2.5 per cent each year.

Source from The Conservative Party said: «The triple lock is a Conservative Party invention, it has been in every Conservative Party manifesto since we introduced it and we will stick with it again.»

The decision to keep the triple lock comes amid tensions in public finances as Jeremy Hunt prepares to present his final budget ahead of the next election.

The policy means the new state pension will rise by 8.5% in April. up to £221.20 per week based on earnings. But economists warn that such policies are costly and unsustainable.

It comes after Rachel Reeves, the shadow chancellor, suggested that Labor would also retain the policy if elected. “The difference between retirement and working age is that when you are retired, it is very difficult to increase your income. And so I think stability and confidence that your income is protected is important,” she told reporters on Wednesday.

Although Ms Reeves said now was “not the time or place” to speculate On whether the policy would be included in Labour's manifesto, she added: «We have always supported the triple lock.»

Pensions Minister Paul Maynard said the state pension was an important safety net for millions of pensioners. He said: “I want the state pension to remain the mainstay of retirement income for future generations, so it is sustainable and fair.”

“The government introduced the triple lock for this purpose and since 2011 we have lifted 200,000 older people out of poverty. With the full rate of the new State Pension set to rise to £11,500 in April, this is vital extra money for our hard-working pensioners who rely solely on this income.

“We are making long-term decisions to create a brighter future. A future for millions – one that benefits retirees today and tomorrow.”

The International Monetary Fund and the OECD have repeatedly called on the Tories to abandon “unsustainable” policies.

The Institute for Fiscal Studies has warned that the annual cost of funding the state pension could rise by as much as £45 billion over decades if the commitment is maintained.

Peter Lilley, the former work and pensions secretary, described this as unaffordable.

He said: “Why should pensioners receive an increase when neither prices are rising nor wages are rising, this is absurd.”

Lord Turnbull, a former head of the civil service, said the policy was «stupid but it's terribly difficult to get rid of.»

Mr Hunt is expected to raid his war chest to fund his election campaign tax cuts, leaving him with limited room to meet his debt reduction target within five years.

Ms Reeves criticized Mr Hunt for «maximizing» his stockpile, suggesting the party will seek a larger insurance policy against financial shocks.

She said: “You don’t have to make the most of it. No other chancellor, be it Osborne, Hammond or Gordon before this, looked at what was available in year five and said, «Okay, we'll have it all.» So it's not about budget rules. This is simply how the Chancellor interprets it.”

Ms Reeves accused Hunt and the Conservatives of «burning the house down» instead of delivering on George Osborne's promise to «fix the roof».

However, she suggested she would not reverse Tory tax cuts for working families, even if it means further cuts to departmental budgets.

Ms Reeves said: “I continue to believe, especially during the cost of living crisis, that working people will benefit from having more of their own money in their pockets «.

Harriett Baldwin, Conservative chair of Treasury Select The committee described the triple lock as «a really proud achievement as the state pension has become much stronger over the years.»

She added: «From a political perspective there is no advantage to doing away with the triple lock . It's such a popular policy.»

A Department for Work and Pensions spokesman said: «We are not speculating on manifesto commitments.»

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