Rachel Reeves makes four-word statement over state pension triple lock

It comes as the Government explores department spending cuts rachel reeves

The Chancellor was asked about the triple lock.(Image: Getty Images)

Chancellor Rachel Reeves has issued an update on the state pension triple lock.

It comes amid increasing suggestions the lock may have to be altered or scrapped to save money.

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 ensures the state pension keeps pace with general living standards.

But it’s also extremely costly for the Government.

Some commentators and politicians believe the policy will be unsustainable in the years to come.

The triple lock has come back into focus with ministers stating department budgets may have to be slashed to allow for increases to defence spending.

Health Secretary Wes Streeting is pushing for cuts to welfare, which the Chancellor hasn’t ruled out.

She was also asked about the future of the triple lock and gave a firm response.

Ms Reeves insisted Labour would be sticking by its manifesto pledge to keep the lock at least until the end of the existing Parliament.

And she added: “We’re not changing that”.

That means millions of pensioners will once again see their payment rise next year.

Latest increases recently came into effect at the start of April.

New amounts are based on wage growth figures from last year.

The UK pension age recently started to climb to 67.