Rishi Sunak has given his strongest hint yet that he will protect the triple lock as he insisted he “cares very much” about pensioners.
The PM had threatened to snatch hundreds of pounds from people’s pockets with a raid on the state pension.
Following an outcry at his suggestion he could break a key manifesto promise on raising pensions, he signalled yesterday he would back down.
But he refused to apologise for the worry he has caused for those struggling to make ends meet.
Under the triple lock, promised in the Tory manifesto, the state pension rises each year in line with the highest out of 2.5 per cent, wage rises or inflation.
After entering Downing Street last month Mr Sunak admitted he was thinking about ditching the pledge.
Around 12.5million people who receive the state pension were told they could be up to £472 a year worse off under the plan.
Chancellor Jeremy Hunt will announce in the Autumn Statement on Thursday how much pensions will go up next April. More than 5.7million on Universal Credit will also be told if their benefits will rise with inflation.
Mr Sunak, who is attending the G20 summit in Indonesia, last night indicated that he will keep the triple lock in place, meaning pensions will go up by 10.1%.
That would mean a rise of around £18.70 on the New State Pension, from £185.15 to £203.85.
The Prime Minister said: “I care very much about… pensioners, particularly when it comes to things like energy and heating because they are especially vulnerable to cold weather.
“I am someone who understands the particular challenge of pensioners. They will always be at the forefront of my mind.
“Conservative governments have got a good track record of protecting pensioners and, in fact, the state pension today is about £700 higher than it otherwise would be as a result of the triple lock.”
Mr Sunak added: “We will put fairness and compassion at the heart of all the decisions we make and I am confident people will see that on Thursday.”
The Tories have repeatedly changed their position in recent weeks, creating uncertainty for pensioners.
At the start of last month Liz Truss as prime minister said she was committed to the pensions promise, before two weeks later saying it was up for review. The next day she announced she was sticking to it after all.
The Conservative Party ’s 2019 manifesto stated: “We will keep the triple lock, the winter fuel payment, the older person’s bus pass and other pensioner benefits, ensuring that older people have the security and dignity they deserve.”
Caroline Abrahams of Age UK said: “We fervently hope the Prime Minister and Chancellor will restore the triple lock and raise benefits in line with inflation at the Autumn Statement.
“The price rises we’re seeing, to energy above all, are incredibly frightening for older people, and knowing there was some relief coming in the spring would make a huge difference.
“In many cases it could persuade them to run their central heating this winter when otherwise they’ll try too hard to manage without it, at major risk to their health.”
