Pensions Triple Lock Is Safe Says Cabinet Minister

THE “triple lock” pension guarantee is safe despite rumors it could be weakened because of its soaring cost, a Cabinet minister has said.

- Sarah O’Grady

Business Secretary Kwasi Kwarteng signalled that the Chancellor would keep the manifesto promise that guarantees the state pension will increase in line with inflation, earnings or 2.5 per cent – whichever is higher.

But wage growth was 7.3 per cent in the three months to May and 8.6 per cent annually, due to those on furlough returning to full wages.

Mr. Kwarteng told LBC radio yesterday: “I think it is safe. I’ve always been of the view that we should stick to the words in the manifesto.

“Of course, things have happened, like Covid. Like the fact that we spent £350billion in one year to support the economy.