Cameron’s 2011 “Triple Lock” for pensions creates a massive headache for Sunak
Part of the Tory programme at GE2010 was the “triple lock” for pensioners. Passed into legislation in 2011 this guarantees that the basic state pension will rise by a minimum of either 2.5%, the rate of inflation or average earnings growth, whichever is largest. What nobody envisaged at that time was that a totally artificial drop year on year in average earnings such as that created by the pandemic would point to, perhaps, an 8% increase in average earnings which according to…