Rishi Sunak is set to axe the pensions triple lock as a huge rise in wages threatens to add billions to public spending. As a result, the Mail understands Mr Sunak is set to suspend the triple lock for at least a year, fiddling wage growth figures to iron out the effects of the pandemic. 'Unless the triple lock is changed, this will provide an unintended windfall to pensioners that is increasingly hard to justify.' 'This could save the chancellor several billion pounds a year whilst still allowing him to claim he had kept to the 'spirit' of the triple lock promise.' He is set to break the tax triple lock by increasing National Insurance to pay for social care, and has already scrapped the party's commitment on foreign aid.

Source: Daily Mail August 17, 2021 23:58 UTC