State pension will rise for millions as Jeremy Hunt signals triple lock to stay

03 October 2023 , 13:40

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Jeremy Hunt said the Government had to be 'very careful' not to break manifesto promises (Image: AFP via Getty Images)

Jeremy Hunt has given his strongest signal yet that the Government will retain the triple lock for millions of pensioners.

Speculation has been mounting over whether Rishi Sunak will maintain the state pension guarantee in its current form as he battles to save cash. The policy, which was a Tory manifesto commitment, puts up the state pension each April in line with whichever measure is highest of inflation, average wage increases or 2.5%.

The Chancellor signalled that he was planning to keep the triple lock when grilled on reports it could be reviewed. He told a Centre for Policy Studies event: "I think that we have to be very careful not to break manifesto promises. Sometimes, it does happen."

Mr Hunt added: "But I think it needs to be a very exceptional circumstance where people can see that there's a very good reason. And to give you an idea of the priority which I attach to that particular promise, which is very, very important to a large group of people, many of whom are very vulnerable, when I was having to do some very difficult sums in the run-up to the Autumn Statement, you know, cutting spending by £30billion, increasing tax by £25bn, that might have been a moment where we decided we had to do something with the triple-lock. We decided not to. So I think hopefully that indicates to you the priority with which we give that particular policy."

It comes after figures released in September show pensioners are in line for a windfall worth hundreds of pounds under the triple lock. Average pay - including bonuses - went up by 8.5% between May and July, which is expected to outstrip inflation. This would see the state pension for men born after April 1951 and women born after April 1953 shoot up £901 from £10,600 to £11,501. For those born before this, the full basic state pension will go up £690 from £8,122 to £8,812. The rises will take effect in April next year.

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The Prime Minister set hares running last month when he refused to say whether the triple lock would be included in the Tories' next manifesto. He told reporters: “We’re not going to speculate on the election manifesto now. I’ve got plenty to get on with between now and then. But the triple lock is the Government’s policy and has been for a long time. I’m not going to get into our manifesto now but the triple lock has been a long-standing policy for us.”

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Lizzy Buchan