Prime Minister Rishi Sunak has said State Pensions could rise by nearly 8% next April.
Rishi Sunak has signalled that State Pensions could go up next year by almost 8 per cent as he committed to maintaining the “Triple Lock”. Under the Triple Lock, the State Pension for the 2024/25 financial year will be uprated by either the September Consumer Price Index inflation rate, wages growth, or 2.5 per cent - whichever is higher.
Listing financial support given to the public, including assistance with energy bills and cost of living payments, he said it was “right” that the UK Government helped the “most vulnerable through a tough time” while tackling inflation. Whichever metric is used to determine the State Pension uprating, it means millions of people over 66 are on track for a bumper pay rise next April.
“Given the delicate state of the Uk Government’s finances it will raise further questions around the viability of the Triple Lock. That said, it would take a brave Prime Minister to break a key manifesto pledge for the second time in three years so close to a General Election.” She said that the real problem remains on how to contain these burgeoning costs. Ms Morrissey said “We will likely see the decision revisited after the election [in 2024] and so could see further changes to State Pension age, but the role of the Triple Lock is also likely to come under the spotlight.
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