Prime Minister Commits To Triple Lock On Pensions - 19 October 2022

19th October 2022

At PM Question time today (19 October 2022) Liz Truss replied to a question from Ian Blackford MP and confirmed the government's commitment to the triple lock for pensions.

This would mean that pensions would be increased in line with inflation.

Jeremy Hunt triggered speculation about the fate of the triple lock, which guarantees that the state pension rises every year by the highest out of inflation, earnings or 2.5%, when he ruled out "making any commitments on any individual policy areas" in his Commons statement on Monday.

Under the guarantee, state pensioners would get a rise of about 10% in April 2023, which would take their weekly payment from £185.15 to just over £200, helping to alleviate some of the other pressures on their budgets during the cost of living crisis.

The triple lock was suspended for 2022-23 because Covid led to an unusual 8% rise in earnings, as wages soared back up after the end of lockdown. But the government had said the triple lock would apply again for 2023-24.

Today we have confirmation from Liz Truss at Prime Ministers question time but will that stay and we have to wait until 31 October to see what Jeremy Hunt brings forward.