Triple lock debate: 'Chancellor caught between devil and deep blue sea'

Almost 8% increase

Sophie King
clock • 5 min read

Pension commentators have reacted to the potential triple lock hike following figures released by the Office for National Statistics (ONS), offering their guidance on what the Chancellor should do.

On Thursday (15 July), the ONS published data that revealed a possible flat-rate state pension increase by £746.20 to £10,085.40 next year, an increase nearing 8%. The ONS confirmed that average weekly earnings increased by 6.6% in the three months to the end of May, up from 5.6% for the three months prior (February, March and April). The state pension triple lock usually uses the averages earnings figure from the three months to the end of July and the ONS said it was possible average earnings will continue to spike as the UK attempts to emerge from lockdown. The triple lock was i...

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