The Chancellor looked visibly uncomfortable on GB News as he was confronted with the potential of the bumper increase in pensions as the country’s debt piles higher and higher. The triple lock mechanism promises the basic and the new state pension will be uprated each year by the highest of earnings, prices or 2.5 percent. However, as more people get back into work after a year of downturn, it is thought wages data will be somewhat warped for the coming year.
He said: “I think formally, I have to be very careful, as I can’t comment on fiscal policy outside of events, which I’m sure you’ll understand.
“With regards to pensions uprating, there is a statutory review which is carried out later on in the year, which is then brought to Parliament.
“What you’re referring to are forecasts, but as we’ve seen over the past 12 months, we’re in a period of extraordinary economic uncertainty, and lots of the forecasts we’ve seen have moved around and changed.
“I’d put that in the bucket right now, that’s speculation, and when we get to the autumn, there will be a formal…
