PM Sunak Committed To Pensions Triple Lock In Election Manifesto-Express

The Daily Express has reportedthat according to a source within the governing Conservative party, PM Rishi Sunak is committed to the 'pensions triple lock' ahead of the next general election. The comments come after Chancellor of the Exchequer Jeremy Hunt appeared to vacillate on the issue when asked about its sustainability in an evidence session before the House of Lords Economic Affairs Committee on 19 March. Hunt stated that both the triple lock and the pension age are "kept under review" and are dependent on the country's economic trajectory.

• Sky News reports that a Treasury source has corroborated the Express' story, with the party set to maintain the policy going into the election.
• The pensions 'triple lock', introduced by the Coalition gov't in 2010, sees the state pension increase annually by the rate of inflation, average earnings growth, or 2.5%, whichever is higher.
• The Conservatives are likely to see an offering to pensioners - historically a key voting bloc for the party - as essential ahead of the election. This is especially the case given that the major tax announcement of the 6 March budget, a 2p reduction in National Insurance Contributions, only impacts those who are working, not those who are retired.
• The latest opinion poll from YouGov puts the Conservatives on 19% support, level with the party's support in Oct 2022 during the short-lived administration of PM Liz Truss. Labour sits on 44% with the right-wing populist Reform UK on 15%.