UK commits to triple-lock pension policy – PM’s spokesman

Britain's government is committed to the mechanism for increasing state pensions even though it is likely to cost billions of pounds more than usual given high pay and inflation, a spokesman for Prime Minister Rishi Sunak said on Tuesday. The state pension is likely to rise by 8.5% next year after new data on Tuesday showed average weekly earnings growth in the three months to July rose by that amount in annual terms. The pension triple lock is a government promise to raise publicly funded pensions by the level of earnings, inflation or 2.5%, whichever is highest.