Cost of Living Increase: Impact on Households

Part of Treasury – in the House of Commons on 15th March 2022.

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Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer

My hon. Friend is right to highlight pensioners and to support them in the way that he does. He will know that we made a decision temporarily to move to a double lock this year because of the anomaly in the reported earnings, which would have meant a very large rise statistically that would not have been justified or fair in the circumstances. That said, I am pleased to say that pensions are now at their highest level relative to earnings in over three decades because of the Government’s policy on the triple lock, and we continue to be the party that will support those who need our help.