London Daily

Focus on the big picture.
Monday, Aug 17, 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
Sarah Ferguson Reportedly Retreats to Late Ex-Boyfriend's Swiss Chalet
Cristiano Ronaldo and Georgina Rodríguez Sign Prenup Protecting Their Separate Fortunes
Thieves Steal Antonello da Messina Renaissance Masterpieces From Sicilian Museum
Better.com Founder Who Fired 900 Employees on Zoom Is Ousted as CEO
Italian Speed Camera Issues Nearly 32,000 Fines in 10 Weeks, Worth More Than €3 Million
AI Manager at San Francisco Store Recommends Firing Human Employee
Google Launches Pixel 11 With Gemini AI at the Center of Its Hardware Strategy
Campaigners Press Government to Strengthen Rights for Four Million Gig Workers
Government Considers Higher Private Rents to Spread Asylum Accommodation Across UK
UK Moves to Protect Historic Pubs From Conversion Into Housing and Offices
Nigel Farage Wins Clacton By-Election to Return to House of Commons
British Manufacturers Report Rising Cybersecurity Threats Across Industrial Supply Chains
Royal Navy Increases Monitoring of Russian Ships in UK Waters by 25 Percent
England Adds More Than 350 Medical Training Posts to Strengthen NHS Capacity
NHS Waiting Lists Over 52 Weeks Rise by More Than 11,000 Patients
Brent Crude Near $88 Raises Fresh UK Energy Cost Concerns
UK Treasury Warns Prolonged Strait of Hormuz Disruption Could Cut 2027 Growth to 0.3 Percent
UK Economy Grows 0.4 Percent in Second Quarter as Energy and Inflation Risks Persist
UK Heatwave Triggers Emergency Alert as Government Unveils £65 Million Farm Support Package
Reform UK Unveils Plan to Cut Welfare Spending by More Than £50 Billion a Year
Prime Minister Andy Burnham Praised Extinction Rebellion for Doing a 'Great Service'
UK Wildfire Phone Alert Triggers Backlash as Users Switch Off Emergency Warnings
Heathrow Roads Reopen After Burst Water Main Floods Access to Terminals 2 and 3
Former NBA Players Enes Kanter Freedom and Royce White Say They Will Enter 2027 WNBA Draft
Former Cambridge Professor Jason Arday Found Dead Days After Resigning Amid Plagiarism Row
US Appeals Court Rules AI Agent's Website Actions Are Legally Attributed to the User
France's Constitutional Council Blocks Social Media Ban for Children Under 15
Liechtenstein Changes Royal Succession Rules to Allow Women to Inherit the Throne
Women Allege Rape and Sexual Abuse at British Army College for Teenage Recruits
Minnesota: Two independent investigators posed as Muslims (one wearing a burqa) and showed how they could vote in elections without identification.
UK Prime Minister Andy Burnham Takes Regional Tour to Highlight Local Infrastructure and Environmental Problems
Nigel Farage Wins Clacton By-Election to Return to the House of Commons
Bank of England Warns Rising Inflation Could Squeeze UK Household Incomes
UK Government Announces £65 Million Aid Package for Farmers Hit by Severe Drought
UK Economy Grows 0.4% in Second Quarter Despite Energy Market Pressures
UK Issues Emergency Alert as Severe Wildfires Spread Across England and Wales
UK and Finland Discuss European Defence and Continued Support for Ukraine
Nigel Farage Wins Clacton By-Election to Return to the House of Commons
UK Government Deploys Military to Help Fight Wildfires and Bans Disposable Barbecues
UK Records Hottest Day of the Year as Fifth Summer Heatwave Peaks in Southern England
UK Condemns Houthi Actions and Warns of Red Sea Threat to Global Trade
UK and Solomon Islands Open Wildlife Photography Exhibition in Honiara
UK Small Businesses Face Continued Cash Flow and Tax Pressures
Greatham Marsh Restoration Restores Tidal Wetland in Hartlepool After More Than 200 Years
UK Health Regulator Urges University Students to Check Meningitis and Measles Vaccination Status
Mining Remediation Authority Completes Major Ground Stabilization Works in Scottish Community
UK Food Crime Investigators Seize 33 Tonnes of Illegal Food in Multi-Agency Operation
Technical Qualification Uptake Hits Record High as Advanced Mathematics Results Improve
UK Summer Temperatures on Course to Challenge Long-Standing Records, Met Office Says
UK Farmers Bring Forward Cereal Harvests as Drought Threatens Yields
×