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TRIPLE LOCK UPDATE

The Chief Secretary to the Treasury, Simon Clarke, has confirmed in an answer to a written question by Janet Daby MP that the Government will be bringing back the triple lock, saying:

Next year, the Triple Lock will apply for the State Pension. Subject to the Secretary of State’s review, pensions and other benefits will be uprated by this September’s CPI which, on current forecasts, is likely to be significantly higher than the forecast inflation rate for 2023/24.

Whilst this is undoubtedly good news for pensioners, the decision is very likely to provoke considerable opposition which indeed has already started. Inflation is currently over 9% and it is highly likely that average wage increases will not be anywhere near this. If inflation continues to rise over the coming months the government may well come under pressure for protecting pensioners at the expense of working people and opponents of the triple lock will be extremely vocal. There may be real pressure on the Chancellor to “roll back” on his decision.

Later Life Ambitions will keep a close eye on developments.