Rishi defends the triple lock

RISHI Sunak has defended plans to raise the state pension by almost £1,000 a year – even as workers are urged to accept real terms pay cuts.

The retired are in line for a double-digit percentage rise next year as ministers reinstate the ‘triple lock’. This ensures the state pension will rise in line with either wage growth, inflation, or by 2.5 per cent – whichever is highest.

Payouts from next April will be linked to the inflation rate this September, expected to be around 10 per cent.

The Chancellor insisted higher pensions do not add to inflationary pressures in the same way as pay rises because they do not add to the cost of producing goods and services.