The state pension is poised to increase by over £560 from April as wage growth figures utilised to determine the rise will render the elderly the "big winner" from today's economic data, presenting Rachel Reeves with another additional expense.

The triple lock enhancement mechanism, which was established 15 years ago, ensures the pension rises by whichever proves highest among 2.5 per cent, wage growth during the three months to July, or the inflation reading for the year to September, as reported by City AM .

It has remained a persistent concern for economists engaged in fiscal policy, with former Resolution Foundation chief executive and current Treasury minister Torsten Bell alongside the Office for Budget Responsibility (OBR)'s board ranking amongst its most vocal detractors.

With

See Full Page