An MP has praised the government for confirming that pensions will rise with inflation amid the cost of living crisis.
Andrew Griffith, MP for Arundel and South Downs, applauded the announcement by Chancellor Jeremy Hunt which came as part of his Autumn Statement.
The statement committed to ensuring that the “triple lock” on pensions was maintained, meaning that state pensions would rise by 10.1 per cent this year in line with inflation.
Mr Griffith said: “The Chancellor had to set out some tough decisions to tackle inflation caused by the aftereffects of the costs of covid and the illegal invasion of Ukraine but I welcome the fact that he was still able to increase spending on the NHS and schools whilst also confirming that pensioners will benefit from the commitment of the triple lock to pensions.”
The triple lock on pensions ensures that state pensions will be kept at a suitable level for pensioners to live off that money.
Under the policy, pensions currently rise annually by either the rate of inflation, the average percentage increase in wages, or 2.5 per cent, whichever is higher.
Jeremy Hunt’s Autumn Statement also announced a wave of tax increases which will affect millions in the UK.
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