Sunak Commits to Pension Increases Despite Cost to Budget

Sunak Commits to Pension Increases Despite Cost to Budget
Prime Minister Rishi Sunak during a visit to Cofton Park, near Rednal, Birmingham, on July 24, 2023. Ben Birchall/PA Media
Evgenia Filimianova
Updated:
0:00

Prime Minister Rishi Sunak has confirmed that state pensions could increase next year by almost 8 percent, with the government committed to the triple lock system.

Under the triple lock system, the size of pension is determined by whatever is highest: the rise in wages, the inflation rate, or a floor of 2.5 percent.

Evgenia Filimianova
Evgenia Filimianova
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Evgenia Filimianova is a UK-based journalist covering a wide range of national stories, with a particular interest in UK politics, parliamentary proceedings and socioeconomic issues.
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