The triple lock guarantees an increase to the state pension each year
Rachel Reeves spoke out about the triple lock.
Chancellor Rachel Reeves has made a new announcement on the state pension triple lock.
The policy guarantees an increase to the pension every year in line with whatever is highest out of inflation, wage growth or 2.5%.
This is to ensure the state pension keeps pace with general living standards.
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The Chancellor was pressed on the future of the triple lock after she suggested spending cuts may have to be made amid the conflict in the Middle East and the economic impact back home.
After refusing to rule out cuts to benefits, Ms Reeves was then asked about the triple lock, currently a Labour commitment until the end of the current Parliament.
And she offered a firm response, telling reporters Labour would be sticking by its manifesto pledge.
The Chancellor added: “We’re not changing that”.
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Any changes to the triple lock would potentially be politically explosive.
But it appears the triple lock is staying in place for now, despite increasing conversations about its cost to the nation.
It means pensioners can again look forward to a rise linked to either inflation, wage growth or 2.5%.
The UK pension age recently started to climb to 67.