Prime Minister Liz Truss has just announced she will stand down as Prime Minister after she told Parliament yesterday she was “committed” to bringing back the triple lock mechanism, which was suspended last year. The triple lock policy guarantees the state pension increases each year in line with inflation, average earnings or 2.5 percent, whichever is highest.
With inflation hitting 10.1 percent in the year to September 2022 and with this being the figure used for the triple lock, pensioners are set for a major boost from next April.
But suggested candidates for the PM’s job, Rishi Sunak and Jeremy Hunt, have both previously spoken about the need to reduce Government spending.
Ahead of the announcement today, financial journalist Martin Lewis wrote on Twitter: “Govt has become a farce. It’s bad for the country, the people and for politics.
“We heard yesterday that the pension triple lock would be maintained. Yet there’s little confidence that govt will or even can stick to what it says.
“This can’t go on. It’s broken government.”
Following the news, people were quick to ask what it would mean for the state pension triple lock.
Writing on Twitter, @foodbankuser1 claimed: “The Tory party is in melt down. There should not be an internal self imposed new PM we the people demand a GE now. Sunak in? Bangs goes the triple lock pension raise.”
Meanwhile, @sibelian62 asked: “What happens now to Truss statement at PMQ’s to keep the triple lock pension?”
@champson penned: “Well there goes the triple lock!”
More to follow…