Rachel Reeves has ruled out scrapping the triple lock in this Parliament, in a win for state pensioners . Addressing the Treasury Committee this morning, the Chancellor confirmed the policy will remain in place until at least 2030.

Under the " triple lock " guarantee, the state pension rises each April in line with the highest of three measures: average earnings growth between May and July, CPI inflation in September, or 2.5%. However, high inflation over the past few years has pushed annual increases up by a larger percentage than usual. The Office for Budget Responsibility’s (OBR) fiscal risks and sustainability report, published in the summer, estimated the annual cost of maintaining the triple lock could reach £15.5billion by 2030, three times higher than the OBR’s original e

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