Triple lock for pensions stays if we win election, says Hunt

Jeremy Hunt confirms the policy pledge on the BBC’s Sunday with Laura Kuenssberg. It means the increase in the state pension is the highest of average earnings, inflation or 2. 5%. Mr Hunt said he was confident the promise would be paid for by his plans to grow the economy.

The state pension is a payment made every four weeks by the government to people who have reached the qualifying age. More than 12 million people in the UK receive it. The triple lock is designed to ensure pensioners are able to afford rising prices, or keep pace with the increases in the working population’s wages. Inflation has fallen sharply from a 40-year high and figures last week showed the rate was 3.

4% in February - the lowest level in almost two-and-a-half years. But interest rates are still at a 16-yearhigh after being raised by the Bank of England in recent times to slow the pace of consumer prices rising.