Chancellor Jeremy Hunt today confirmed the state pension will increase by 8.5% from April next year as the government continues to back the triple lock policy.
The ‘triple lock' is a commitment to increase the state pension by whichever is highest of average earnings growth, Consumer Prices Index (CPI) inflation, or 2.5%. Hunt confirmed the state pension will increase by 8.5% in April in line with earnings. This follows a 10.1% increase in line with CPI inflation the previous year. The triple lock is seen as unaffordable by some commentators and policymakers, however, the government said today it would retain the policy. Addressing MPs in the House of Commons, Hunt said: "Triple lock has been a lifeline for many during a time of high in...
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