Sunak prepares to break ‘triple lock’ state pension pledge – FT

UK

FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak attends a news conference on the ongoing situation with the coronavirus disease (COVID-19) in London, Britain March 20, 2020. Julian Simmonds/Pool via REUTERS/File Photo

(Reuters) – British finance minister Rishi Sunak is planning to break the Conservative Party’s “triple lock” state pension pledge, the Financial Times reported, saying the Treasury fears the policy may become unaffordable due to the economic fallout of the coronavirus outbreak.

According to the triple lock pledge, state pension goes up by whichever is higher- wages, inflation or 2.5%.

Reporting by Kanishka Singh in Bengaluru; Editing by Sandra Maler

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