A double Betrayal or Simply the Inevitable?
Quote:
The government has confirmed a one-year suspension of the "triple lock" formula for annual state pension increases.
The move follows government concern that a big post-pandemic rise in average earnings would have meant pensions increasing by 8%.
Work and Pensions Secretary Therese Coffey said the average earnings component would be disregarded in the 2022-23 financial year.
Instead, the rise will be the consumer inflation rate or 2.5%.
The Conservatives promised in their 2019 election manifesto to maintain the triple lock formula.
Ms Coffey's announcement came just hours after Prime Minister Boris Johnson breached another manifesto commitment by increasing National Insurance to fund health and social care.
https://www.bbc.co.uk/news/business-58476547
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