The Chancellor has appeared to confirm he will retain the triple lock for the State Pension in 2024
The State Pension is set to jump up in April 2024 after the Chancellor Jeremy Hunt has indicated that he will retain the triple lock system used to calculate increases each year.
Wage growth for May-July was much higher, reaching 7.8% without bonuses, and 8.5% with. This is the highest annual growth rate since comparable records began in 2001 and unless inflation suddenly jumps, either of these figures is likely to be used for the pension uprating calculations.READ MORE: UK households could see £3,500 wiped from bank accounts
Mr Hunt added: "But I think it needs to be a very exceptional circumstance where people can see that there's a very good reason. To give you an idea of the priority I attach to that particular promise - which is very, very important to a large group of people, many of whom are very vulnerable.
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