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Britain isn’t going to ditch its promise to protect annual state pension increases with a so-called ‘triple lock’, Prime Minister Boris Johnson’s spokesman said on Monday.
British newspapers have reported that the govt. was watching suspending the promise to increase pensions by whichever is higher of consumer price inflation, average earnings growth, or 2.5%. They said it could help buy the worth of the government’s COVID-19 response.
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“We are committed to the triple lock,” the spokesman said, when asked about the reports.
Due partly to distortions from the coronavirus pandemic, annual wages within the three months to April grew by an annual 5.6% – creating a further 4 billion pound ($5.5 billion) annual cost for future pensions.
The promise to require care of the system for increasing pensions was within the Conservative government’s manifesto of pledges before the 2019 election.
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