London Daily

Focus on the big picture.
Sunday, Mar 01, 2026

Rishi Sunak hints at suspension to pension triple lock

Rishi Sunak hints at suspension to pension triple lock

Chancellor refuses to say whether guarantee introduced in 2010 will be honoured this year


Rishi Sunak has given a broad hint that the government will temporarily break the pension triple lock this year in order to prevent the Treasury being landed with a £3bn uprating bill.

The chancellor said there was a need to be fair to taxpayers as well as pensioners in light of a forecast from the Whitehall spending watchdog – the Office for Budget Responsibility – that a post-lockdown surge in pay growth would result in the state pension going up by 8% next April.

The government pledged at the 2019 election to continue raising the state pension in line with average earnings, the annual inflation rate or 2.5% – whichever is higher.

But in a series of radio and TV interviews, Sunak refused to say whether the guarantee would be honoured this year.

“The triple lock is the government’s policy but I very much recognise people’s concerns,” he told BBC Breakfast.

“I think they are completely legitimate and fair concerns to raise. We want to make sure the decisions we make and the systems we have are fair, both for pensioners and for taxpayers.”

The pension triple lock was introduced by the coalition government in 2010 but for months the Treasury has been lobbying behind the scenes for a temporary suspension.

The OBR has said earnings growth will be artificially high this year because growth is picking up and wages were depressed this time last year by the restrictions imposed on the economy to limit the spread of the coronavirus. The loss of many lower-paid jobs has also had an impact, because those remaining in work are paid more.

Annual earnings growth was running at 5.6% in the three months to April and is on a rising trend. If the government decides to leave the pledge in place, pensions will be uprated using the earnings figure for July.

Sunak said the government must “wait for the actual numbers to be finalised”, which he said were currently “speculation”, before looking at the policy “properly at the appropriate time”.

After a year in which government borrowing hit a record peacetime high of more than £300bn, the chancellor has repeatedly said it is important to return the public finances to a more sustainable path.

A decision to break a manifesto commitment would require the agreement of Boris Johnson, who is aware that the triple lock is popular with pensioners, the majority of whom vote Conservative.

Sunak will argue, however, that a one-year suspension is politically defensible given the unusual circumstances and the need to fund other government priorities, such as the NHS and catchup funds for schools.

Final decisions will be made in the autumn in the government’s spending round, which will be formally launched by the chancellor later this month.

David Willetts, the president of the Resolution Foundation thinktank, said it was time to abandon the triple lock permanently.

“The Covid crisis has laid bare the design faults of the triple lock, with a severe jobs crisis last year inadvertently contributing to an unnecessary and unjustified 8% rise in the state pension next year.

“The chancellor should take the opportunity this autumn to replace the triple lock with a smoothed earnings link. This would mean the state pension would rise in line with the living standards of working-age people – a change that would be fair to all generations.”

Johnson did not play down rumours of the triple lock’s imminent demise, echoing Sunak’s words that he wanted increases to be fair to the recipients and the wider pool of taxpayers. “We’ve got to have fairness for pensioners and the taxpayers, but I think you’ll have to wait and see what the chancellor comes up with,” the prime minister said.

His spokesperson said the triple lock remained government policy, adding that the government “recognises the concerns about what that might mean but the numbers remain speculation and it’s wrong to make policy about speculation”.

Newsletter

Related Articles

0:00
0:00
Close
Violent Pro-Iranian Protesters Storm U.S. Consulate in Karachi
Missile Debris Sparks Fires at Dubai’s Jebel Ali Port Near Palm Jumeirah
Iran Strikes U.S. Fifth Fleet Headquarters in Bahrain Amid Wider Gulf Retaliation
When the State Replaces the Parent: How Gender Policy Is Redefining Custody and Coercion
Bill Clinton Denies Knowing Woman in Hot Tub Photo During Closed-Door Epstein Deposition
Former U.S. President Bill Clinton Testifies on Ties to Jeffrey Epstein Before Congressional Oversight Committee
Dyson Reaches Settlement in Landmark UK Forced Labour Case
Barclays and Jefferies Shares Fall After UK Mortgage Lender Collapse Rekindles Credit Market Concerns
Play Exploring Donald Trump’s Rise to Power by ‘Lehman Trilogy’ Author to Premiere in the UK
Man Arrested After Churchill Statue Defaced in Central London
Keir Starmer Faces Political Setback as Labour Finishes Third in High-Profile By-Election
UK Assisted Dying Bill Set to Fall Short in Parliament as Regional Initiatives Gain Ground
UK Defence Ministry Clarifies Position After Reports of Imminent Helicopter Contract
Independent Left-Wing Plumber Secures Shock Victory as Greens Surge in UK By-Election
Reform UK Refers Alleged ‘Family Voting’ Incidents in By-Election to Police
United Kingdom Temporarily Withdraws Embassy Staff from Iran Amid Heightened Regional Tensions
UK Government Reaches Framework Agreement on Release of Mandelson Vetting Files
UK Police Contracts With Israeli Surveillance Firms Spark Debate Over Ethics and Oversight
United Airlines Passenger Hears Cockpit Conversations After Accessing In-Flight Audio Channel
Spain to Conduct Border Checks on Gibraltar Arrivals Under New Post-Brexit Framework
Engie Shares Jump After $14 Billion Agreement to Acquire UK Power Grid Assets
BNP Paribas Overtakes Goldman Sachs in UK Investment Banking League Tables
Geothermal Project to Power Ten Thousand Homes Marks UK Renewable Energy Milestone
UK Visa Grants Drop Nineteen Percent in 2025 as Migration Controls Tighten
Barclays and Jefferies Among Banks Exposed to Collapse of UK Mortgage Lender MFS
UK Asylum Applications Edge Down in 2025 Despite Rise in Small Boat Crossings
Jefferies Reports Significant Exposure After Collapse of UK Lender MFS
FTSE 100 Reaches Fresh Record Highs as Major Share Buybacks and Earnings Lift London Stocks
So, what's happened is, I think, government policy, not just under Labour, but under the Conservatives as well, has driven a lot of small landlords out of business.
Larry Summers, the former U.S. Treasury Secretary, is resigning from Harvard University as fallout continues over his ties to Jeffrey Epstein.
U.S. stocks ended higher on Wednesday, with the Dow gaining about six-tenths of a percent, the S&P 500 adding eight-tenths of a percent, and the tech-heavy Nasdaq climbing roughly one-and-a-quarter percent.
From fears of AI-fuelled unemployment to Big Tech's record investment, this is AI Weekly.
Apple just dropped iOS 26.4.
US Lawmakers Seek Briefing from UK Over Reported Encryption Order Directed at Apple
UK Business Secretary Calls on EU to Remove Trade Barriers Hindering Growth
Legal Pathways for Removing Prince Andrew from Britain’s Line of Succession Examined
PM Netanyahu welcome India PM Narendra Modi to Israel
Shadow Diplomacy: How Harry and Meghan’s Jordan Trip Undermines the Monarchy
Sir Jim Ratcliffe, co-owner of Manchester United, comments on immigration in the UK.
Bill Gates, the UN and the WEF are attempting to construct "a giant digital gulag for all of humanity" via digital ID, CBDCs and vaccine passport infrastructure.
Britain’s Channel Crisis: Paying Billions While the Boats Keep Coming
Downing Street’s Veteran Deception Scandal
UK HealthCare Expands ‘Food as Health’ Initiative Statewide to Tackle Chronic Illness in Kentucky
Leonardo Chief Says UK Set to Decide on New Medium Helicopter Programme
UK Slows Chagos Islands Agreement After Concerns Raised in Washington
European and UK Stock Markets Reach Fresh Highs as Banks and Miners Lead Rally
UK Government Insists Chagos Islands Negotiations Continue After Minister’s ‘Pause’ Remark
No Confirmed Deal for Engie to Acquire UK Power Networks Amid Market Speculation
UK Reaffirms Updated Entry Requirements for Travellers as of February 25, 2026
General Atlantic to sell equity stake in ByteDance, valuing the company at $550 billion
×