The rule, which applies to UK state pensions, means pensions must increase each year according to the higher of three possible figures: inflation, average earnings or 2.5%. Sunak is likely to face a mass revolt if changes are made to the triple lock, which would see UK state pensions rise in line with inflation. The prime minister and chancellor, Jeremy Hunt, said they would try to put the biggest burden on those with “the broadest shoulders”. Sunak told reporters en route to the G20 summit in Bali that he had demonstrated in the past that he understood the particular pressures faced by retirees who cannot supplement their incomes by any other means in order to meet the cost of living. “My record as chancellor shows that I care a lot about these pensioners, particularly when it comes to things like energy and heating because they are particularly vulnerable to the cold,” he said. “I am someone who understands the special challenge of retirees. He will always be at the forefront of my mind.” Sunak also gave a strong signal that he was uneasy at the prospect of breaking the Conservative manifesto pledge to maintain the triple lock. “Conservative governments have a good record of protecting pensioners and, in fact, the state pension today is around £700 higher than it would otherwise be as a result of the triple lock,” he said. “We will put justice and compassion at the heart of all the decisions we make and I’m sure people will see that next Thursday … justice and compassion will be at the heart of everything we do.” Sunak faces similar pressure to increase benefits in line with inflation – a commitment he made as chancellor – and one which Tory MPs, including those in his cabinet, said would be the right choice to protect the most vulnerable. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Raising both benefits and pensions in line with inflation is likely to cost £11bn, while widespread tax rises are also expected as well as public sector pay rises of around 2%, well below inflation. Sunak also said the autumn statement would signal more about his intentions for deregulation, a key element of Liz Truss’ strategy, although many of her initiatives have been rejected, including plans for investment zones. The prime minister said there would be some loosening of planning laws, without committing to major reforms, and also hinted there were reforms he wanted to consider regarding workplace rights. “I think we can do a lot – not only planning, freeports are a good example, labor markets are another opportunity, regulation in terms of technology and innovation… in general, I am committed to promoting development and I think that there is more than one lever that we can pull – all of these will fall into the supply-side reform bucket,” Sunak said.
