Triple Lock State Pension Retained or Maybe Not
Published / Last Updated on 20/10/2022
The Prime Minister, Liz Truss confirmed yesterday in the House of Commons that the state pension Triple Lock of increases in April of the higher of CPI inflation, average earnings inflation and 2.5% would be honoured.
This will mean an increase in state pensions of 10.1% in April 2023. This should mean the following increases in state pensions:
|
|
2022/23 £ per week |
2023/24 £ per week |
|
New State Pension |
185.15 |
203.85 |
|
Old State Pension |
141.85 |
156.20 |
The Prime Minister has resigned as leader of the Conservative Party and therefor Prime Minister today. We suggest that this means all bets are off until a new Prime Minister is installed as well as waiting for the Autumn Budget, now brought forwards by 3 weeks to 31st October 2022.
Comment
Politically, any new Prime Minister and the new Chancellor, if Jeremy Hunt is still in office when a new Prime Minister is appointed, have both been backed into a corner on this. We cannot see them back tracking on vulnerable peoples benefits or state pensions but the rest of us will have to pay.