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The chancellor will have to spend up to £4bn more on pensioners from next year if he keeps to the Conservatives’ “triple lock pledge”, reports the Financial Times. The triple lock ensures state pensions rise annually by the highest out of average earning growth, inflation or 2.5%. The paper says anomalies in wage data pushed the headline growth rate of average earnings up to 5.6% in April, adding that in July that rate will rise to about 8%.