Rachel Reeves confirms state pension will rise by hundreds of pounds | Politics | News

The Chancellor confirmed the changes today and said she would announce the exact amount in the Budget on October 30.

The increase is made possible because the government has committed to the Triple Lock pensions – introduced by the Conservatives.

But her comments appear to have slammed the door on any hope that she could weaken the decision to scrap winter fuel payments from millions of pensioners.

Asked whether there was any form of tapering to help OAPs, Ms Reeves told reporters at an international investment summit in London: “When I announced that difficult decision in July, I did so because of the legacy we faced from the previous government – ​​a £22 billion black hole in the public finances.

‘And in July I announced that I would save £5 and a half billion to reduce that.

“But as you can see, there is still a gap between the black hole we inherited and what we would have to do to close that black hole.”

She added: “This government is committed to the triple lock for the duration of this Parliament.

‘The triple lock means that the new state pension will be worth £900 more this winter than last winter – so at least three times higher than the value of the winter fuel payment per household.

‘And I will announce the increase in the state pension for next year at the Budget, but it will probably be around £450.

“So you see that due to the commitment to the triple lock, the AOW will increase every year by more than the winter fuel.

‘I think it’s expected to rise by £1,700 over the course of this Parliament.’

Ms Reeves said more and more retirees were also taking up the offer of pension credits.

“Since we launched that campaign, applications for pension credits have increased two to three times, which is really encouraging because that means we’ll have more people actually keeping the winter fuel payment,” she said.

The triple-lock promise will see state pensions rise by 2.5% regardless of average income or inflation, whichever figure is higher.