Ahead of the Budget on November 26, Rachel Reeves offered some comforting assurances to pensioners, but it may come at an unexpected cost. The Chancellor announced the state pension rate will receive an above-inflation increase of 4.8%, which will be confirmed in the Budget.

She also opted to highlight the government’s “commitment to the triple lock”, the mechanism that uprates state pension each year. Around 13 million pensioners are expected to benefit from the increase.

Reeves stated earlier this week: “Whether it's our commitment to the triple lock or to rebuilding our NHS to cut waiting lists, we're supporting pensioners to give them the security in retirement they deserve.

“At the Budget this week, I will set out how we will take the fair choices to deliver on the country's prio

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