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Whatever decision the chancellor makes, the settlement process is likely to be a highly contentious issue in the coming months.
Not only will the tripartite lockdown undo the 2019 Conservative manifesto pledge, but it will also likely harm some of society’s most vulnerable members, as well as putting pressure hard on the government’s plans to recover economically from the coronavirus crisis.
Ian Brown of Quilter, an investment group, said: “The latest data suggests that the chancellor’s worst fears will become a reality and he will either have to spend billions more on state pension next year and forever after that, or make a challenging policy decision to adjust the triple lock or make a decision. abolish it completely.”
“If this trend continues, we could even hit double digits, which means that if the triple lock is not manipulated in some way, state pensions could rise by more than 10 percent,” said Stephen Cameron, of Egon Pensions.
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