Pensions: Minister can’t give certainty over triple lockon October 19, 2022 at 7:19 am

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The PM had pledged to keep the triple lock – but now will not make any commitments on spending.

PensionerImage source, Getty Images

Foreign Secretary James Cleverly has said he cannot give people “certainty” over how much their pensions will increase by next year.

The PM had previously said she would stick to the triple lock, meaning payments would rise by whatever is higher – prices, average wages or 2.5%.

But on Tuesday, her spokesman said she was “not making any commitments” on government spending.

Labour said it was committed to keeping the triple lock “no ifs, no buts”.

Liz Truss will face MPs at Prime Minister’s Questions later for the first time since sacking her chancellor and scrapping almost all the tax cuts announced by her government last month.

Asked whether the government was still committed to the triple lock, Mr Cleverly told BBC Breakfast ministers took manifesto commitments “incredibly seriously”.

“I know your viewers would want me to give certainty here and now. I’m not in a position to do that because the announcements are going to be made in the very, very near future by the chancellor,” he said.

“We’ve got to do the right thing to make sure we manage the economy well. We’ve got to make sure that our cost of borrowing doesn’t go up because that then has an impact on inflation and those bills as well.”

New Chancellor Jeremy Hunt is due to give a statement on the government’s plans for tax and spending on 31 October.

All government departments have been told to find savings and Mr Hunt has not ruled out further tax hikes and spending cuts to reassure financial markets and keep UK debt under control.

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