Triple lock set to stay as PM says pensioners must be protected

Looking after elderly in harsh economic times will always be at the forefront of my mind, says Sunak

RISHI SUNAK has dropped his strongest hint yet that the pensions triple lock will be kept as government policy this week, which would mean millions of pensioners avoiding a real-terms cut.

The Prime Minister said that protecting pensioners during tough economic times was always at the “forefront” of his mind, ahead of this Thursday’s Autumn Statement.

Questioned by reporters on the plane to the G20 summit in Bali about whether the triple lock would stay, Mr Sunak declined to give a categorical response.

But the comments about his track record protecting those most in need while in the Treasury will build expectation that the policy will be retained.

The triple lock was a Tory manifesto promise that ensures the state pensions will rise by the highest of 2.5 per cent, average earnings or inflation.

Asked if it will stay, Mr Sunak said: “My track record as Chancellor shows I care very much about those pensioners, particularly when it comes to things like energy and heating because they are especially vulnerable to cold weather.

“That’s why when I announced support earlier this year as Chancellor, we made extra provision for pensioners to receive up to £300 alongside their winter fuel payments to help them cope with energy bills over the winter.

“So I am someone who understands the particular challenge of pensioners.

“They will always be at the forefront of my mind.

“Conservative governments have got a good track record of protecting pensioners and [the] state pension today is about £700 higher than it otherwise would be as a result of the triple lock. I can’t comment on any decisions, and it’s not about the triple lock, it’s about anything, days before a financial statement.

“But, as I said, we will put fairness and compassion at the heart of all the decisions we make and I am confident people will see that [on] Thursday.”

With inflation at 10 per cent currently, a public debate has been playing out about whether the policy should be temporarily suspended.

Public workers such as doctors, police officers and soldiers are expected to get a pay rise below inflation, meaning a real-terms cut.

But supporters of the triple lock argue that breaking a Tory manifesto promise would be seen as a betrayal, saying it is right to continue to protect

‘We will put compassion at the heart of all the decisions we make and I am confident people will see that’

pensioners from inflation rises.

Inflation is due to peak and start falling next year, according to Bank of England projections. But such forecasts have proved wrong over the past year, especially after Russia invaded Ukraine, sending the cost of many imports soaring.

The pensions triple lock is currently temporarily suspended, following a freak jump in earnings as a result of the economy reopening after the Covid pandemic lockdowns.

Supporters of the triple lock argue while that move may have been justifiable, dropping the inflation link would have a more serious financial effect as it would be equal to a real-terms cut in state pensions.

Pushed a second time on the triple lock, Mr Sunak said: “I can’t comment on any specific policy four or five days before the financial statement but fairness and compassion will be at the heart everything we do.”