Jeremy Hunt has signalled that he intends to retain the triple lock system used to calculate annual pension rises
Chancellor Jeremy Hunt has indicated that he plans to retain the existing triple lock system to calculate the amount paid to pensioners.
However, earnings and annual growth have both increased. Unless inflation suddenly jumps, either of these figures is likely to be used for the pension uprating calculations, Birmingham Live reports.The Chancellor signalled that he is planning to keep the triple lock when questioned at a Centre for Policy Studies fringe event at this year's Conservative Party Conference in Manchester. He said: "I think that we have to be very careful not to break manifesto promises.
"To give you an idea of the priority 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 £30 billion, increasing tax by £25 billion, that might have been a moment where we decided we had to do something with the triple lock.
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