« back to news

Liz Truss promises to uphold triple-lock state pension pledge

The Telegraph reported that Conservative leadership candidate Liz Truss has promised to uphold the state pension triple-lock, at a potential cost of £21 billion over the next three years.

The pension policy formed part of the Conservative 2019 manifesto and would guarantee that pensions rise by either the highest rate of inflation, average earnings growth or by 2.5%. The policy had been suspended by then-Chancellor of the Exchequer Rishi Sunak in 2021, resulting in pensioners seeing a 3.1% pay rise while inflation rose to over 9%; the government had promised to reinstate the policy in April 2023. According to Bank of England forecasts, if the triple-lock is reinstated, pensions would see an increase of 10% next year and 6% the year after.