State pension triple lock will be in Tory manifesto despite Hunt review warning

The pension triple lock will be in the Conservative general election manifesto despite Jeremy Hunt casting doubt on the policy, the party has pledged.

Pensioner groups reacted with fury after the Chancellor said the policy was under review – suggesting it may be axed before the election.

But Rishi Sunak will include triple lock in his manifesto as he tries to secure a fifth term later this year, sources said.

The Tory party scrambled to reassure pensioners after Mr Hunt told a Lords committee on Tuesday the triple lock – which ensures the state pension rises by the highest of inflation, average earnings or 2.5 per cent a year – could only be sustained with public spending cuts and economic growth.

Mr Hunt had told peers that both the pension age and the triple lock were kept under review and added: “The answer is very contingent on how successful we are.

“If we are able to run public services more efficiently, if we are able to increase our long-term growth rate, then it is entirely possible we can continue to have the levels of public provision we currently have, and the support for pensioners, and I very much hope that is the case.

“We are confident we can continue to support pensioners in the way we have been in the past.”

A Conservative source said on Wednesday: “The triple lock has been in every Conservative Party manifesto since we created it, and we will commit to it again.”

And a Treasury source said: “Jeremy was being clear that focusing on productive public services and driving up growth is why we can support pensioners in the way we want to.”

The state pension will rise by 8.5 per cent to £221.20 a week in April. Its future has been cast into doubt because the legacy of the last three years of rising inflation and wages and the tight public finances may not be able to sustain it.

But axing the policy from the Tory manifesto would be seen as politically damaging for a party which relies on pensioners as part of its core vote.

Labour has committed to include the triple lock in its own manifesto.