To ask the Chancellor of the Exchequer what recent assessment he has made of the cost to the public purse of continuing the triple lock policy of uprating the basic state pension for each financial year between 2015 and 2020.
As a result of the triple lock commitment; the basic state pension now represents a higher share of average earnings than at any time over the last 20 years. Thanks to the triple lock the rate of the basic state pension will be around £440 a year higher from next April, than it would have been if uprated in line with average earnings since 2011-12. By the end of this year, the Government will have spent £5.9 billion in total on the triple lock.
The cost of the triple lock is included in OBR forecasts. The triple lock provides reassurance and certainty for pensioners and delivers dignity in old age.