Economics
U.K.’s Sunak to Protect Pensioners With Triple Lock Pledge
- Promise could prove costly if wages rebound after pandemic
- British chancellor is due to deliver his budget on March 3
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U.K. finance minister Rishi Sunak is planning to keep the government’s promise to increase the state pensions of millions of elderly people by at least 2.5% every year, saving a flagship policy despite the costs.
According to a person familiar with the matter, the Chancellor of the Exchequer will retain the “triple lock” guarantee to raise the state pension by the highest of three measures: annual growth in average earnings, inflation, or 2.5%. Around 12.5 million people receive the pension.