Rachel Reeves' triple lock headache as state pension to see £560 boost

The state pension is set to rise by more than £560 from April as wage growth figures used to calculate the increase will make the elderly the “big winner” from today’s economic data in another extra cost to Rachel Reeves. The triple lock uprating policy, which was introduced 15 years ago, means the pension increases by whichever is highest out of 2.5 per cent, wage growth in the three months to July or the reading for inflation in the year to September. It has long been the bane of economists involved in fiscal policy, with former Resolution Foundation chief executive and now Treasury minister Torsten Bell and the Office for Budget Responsibility (OBR)‘s board among its biggest critics. City AM's investment reporter Maisie Grice has all the details. Read more about the story here 👇 https://bit.ly/4nuddiD #pensions #finance #personalfinance #triplelock #labour #budget2025