Boris Johnson 'reviewing numbers' on triple lock to avoid pensions rising by £700

BORIS Johnson is "reviewing the numbers" on the triple lock – in order to avoid a sky-high rise in pensions this year.

The PM's spokesperson gave another suggestion today that the manifesto pledge might be ripped up, saying the Chancellor would "take any decisions at the appropriate time".

The triple lock promise vows to raise pensions each year by a minimum of either 2.5 per cent, the rate of inflation, or average earnings growth – whichever is highest.

But thanks to the pandemic hitting GDP and then a bounce back this year, the numbers are set to rocket, meaning a whopping pay packet for Britain's pensioners.

Expert analysis showed pensioners could be on track for a 8 per cent boost – this would mean a huge £746.20 a year hike to their state pension payments if the formula is kept.

The Sun revealed yesterday that Tory MPs were being sounded out about their thoughts on whether there could be changes to the triple lock.

It's possible the Treasury may choose to suspend it for a year, or change it in some way so as not to have to splash out extra cash.

Rishi Sunak is alreasy looking for ways to balance the books after the £350billion Covid spending splurge last year.

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  • Understand where you start:Before you consider your plans for tomorrow, you'll need to understand where you stand today. Look into your current pension savings and research when you’ll be eligible for the state pension, and how much support you’ll receive.
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The Prime Minister's spokesperson today denied the triple lock was "under review" but said: "We recognise people's concerns about what that might mean.

"And we've got to ensure fairness for both pensioners and taxpayers.

"The Chancellor has said previously, that the triple lock is government policy. But we'll recognise people's concerns.

"We will obviously keep figures and numbers under review, as we always do and take any decisions at the appropriate time."

Yesterday Cabinet minister Therese Coffey gave a strong suggestion it may be changed too.

The Work and Pensions Secretary admitted the government is “looking at” ripping up the manifesto commitment – set to last until at least 2024 – amid warnings the bill will balloon by £3 billion this year alone.

Quizzed on the plan, Ms Coffey said: “We'll be looking at what is happening with earnings and that'll guide us on what happens on the pensions rise given to pensioners next year.

"I know we need to be driven by the data."

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