Rishi Sunak will keep his promise and won't scrap triple lock pensions ahead of the next general election. If the prime minister did not keep the commitment, it was warned that it would be 'political suicide'. Many feared he would waiver beyond next year's 8.5 per cent rise in state pensions, after experts said it could add up to £45 billion a year to the welfare bill by 2050. There had been debate about ditching the guarantee in the next manifesto, after Treasury officials discussion pausing the triple lock, which increases pensions annually bywhichever is highest out of average earnings rises, inflation or 2.5 per cent. It appears the prime minister has decided not to take the one-off break after voters fury.
A government source told the Mail on Sunday that concerns over the spiralling costs of the measure first introduced by the Coalition Government in the 2010 budget have been overridden in No10. Several Tory MPs facing looming by-elections were afraid that axing the policy would cost them their seat, putting at risk securing the vote of more than 60s. 'The political costs of abolishing the policy would be higher,' the source said. The prime minister did a U-turn on the Government's net zero promise this week, saying: It comes after Mr Sunak did a U-turn on the Government's net zero promise. On Tuesday, he said the UK will stick by its net-zero commitment, but rolled back measures designed to keep the country on track to meet its climate goals by 2050. This bill imposed 'unacceptable costs' on ordinary people, a claim climate experts strongly refuted, and said the UK would instead pursue a 'pragmatic' approach to hitting the target.
Under the current triple lock system, the full-rate state pension of £203.85 a week, which rose by 10.1 per cent this year, is due to increase to £221.20 next year. The annual payoff of $11,501 is edging close to the $12,570 at which tax becomes payable. t pre-empt that, said a government spokesman.