Triple Lock ‘safe for now’ under Labour says Siddiq in 2023

New state pensioners are in line for another £575 boost to be confirmed by Chancellor Rachel Reeves on Wednesday - but the automatic triple lock uprating could be axed in the near future.

The triple lock, enshrined in UK law, works by automatically increasing state pension payouts by one of three metrics each new financial year: to match wage growth, to match inflation, or just a flat 2.5%, whichever of these three is the highest.

This coming year, for example, the £575 annual state pension boost expected to be confirmed on November 26 is based on wage growth of 4.8% percent, far above the minimum baseline for increases. Older state pensioners also get the 4.8% triple lock boost, but their overall payments are lower,

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