State Pension Triple Lock warning: Boris Johnson and Rishi Sunak said to disagree | Personal Finance | Finance
State Pension is a sum of money offered by the government to Britons who have reached an eligible age and who have put forward years of National Insurance contributions. The payment is overseen by the Department for Work and Pensions (DWP) and issued to pensioners once every four weeks. Pensioners can expect to be paid in arrears – for the last four weeks, and not the coming four weeks.
“He really doesn’t want to do it. The optics are terrible for older voters.”
The government has recently been under pressure to find the funds to help the UK recover from the lockdown crisis.
And as the economy descended into recession within the last week, many have suggested a solution is needed sooner rather than later.
As such, Triple Lock has been speculated to be under threat as the government attempts to recoup the high spending it has enacted in the last few months.
Triple Lock was first introduced to the State Pension in 2010, to guarantee the sum would not lose value in real terms.
However, the mechanism appears to have proved costly for the government.
Between April 2010 and April 2016, the value of the State Pension increased by 22.2 percent, according to the Institute for Fiscal Studies.
This is compared to growth in earnings of 7.6 percent, and growth in prices of 12.3 percent, when considering the same period.
Mr Johnson appeared to allay fears of the Triple Lock being scrapped when speaking to the Commons Liaison committee at the end of May.
The Prime Minister was quizzed on the policy by Mel Stride, a Conservative Party MP, who asked if the manifesto commitment would be met.
Mr Johnson replied: “We are going to meet all of our manifesto commitments, unless I specifically tell you otherwise.
“It’s an important point, and we won’t be blown off. Of course, we are on track to delivering these things.
“We are going to get on with our programme, and we have a fantastic agenda for this country for uniting and levelling up.”
Mr Sunak has previously told the Treasury Committee he would be unable to comment on future policy.
The government has repeatedly refuted claims the Triple Lock will be scrapped, and has reasserted its manifesto pledge to ensure the mechanism is protected.
Express.co.uk has approached the Treasury for comment on the matter.