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Pensions: Minister can't give certainty over triple lock Pensions: Minister can't give certainty over triple lock
(about 2 hours later)
Will the government stick to its pledge on pensions? Watch Foreign Secretary James Cleverly respond
Will the government stick to its pledge on pensions? Watch Foreign Secretary James Cleverly respond
Foreign Secretary James Cleverly has said he cannot give people "certainty" over how much their pensions will increase by next year.Foreign Secretary James Cleverly has said he cannot give people "certainty" over how much their pensions will increase by next year.
Two weeks ago the PM said she would stick to the triple lock, meaning payments would rise by whatever is higher - prices, average wages or 2.5%. State pensions were due to rise by about 10% in April 2023, which would take the weekly payment from £185.15 to just over £200.
But on Tuesday, her spokesman said she was "not making any commitments" on government spending. But the funding formula that guaranteed that rise - known as the "triple lock" - could be ditched to make savings.
Labour has suggested it would keep the pensions triple lock. It comes as Liz Truss prepares to face MPs at Prime Minister's Questions.
Liz Truss will face MPs at Prime Minister's Questions later for the first time since sacking her chancellor and scrapping almost all the tax cuts announced by her government last month. It will be the first time the prime minister has faced questions from MPs since almost her entire economic programme was scrapped by new Chancellor Jeremy Hunt, on Monday.
While the PM's team think her engagement with MPs this week has been warm and improved her position, Ms Truss is still under immense pressure, with her authority undermined after she abandoned her flagship policies. She sat in silence on Tuesday as Mr Hunt set out his plans in the Commons, and ignored opposition calls to answer questions.
One ally of the PM said she was determined to get on the with the job, but at midday her fight for survival will play out in public, as she faces questions from Labour and her own backbenchers in Parliament. The pitfalls lying ahead for an embattled PM
Cost of living fears as milk and cereal prices riseCost of living fears as milk and cereal prices rise
Three ways Tories could get rid of TrussThree ways Tories could get rid of Truss
The PM's team think her engagement with MPs this week has been warm and improved her position, Ms Truss is still under immense pressure, with her authority undermined after she abandoned her flagship policies.
One ally of the PM said she was determined to get on the with the job, but at midday her fight for survival will play out in public, as she faces questions from Labour and her own backbenchers in Parliament.
A poor performance at PMQs could persuade more of Ms Truss's MPs that they need to get rid of her sooner rather than later.
Many of the government's tax and spending plans have been thrown in doubt, ahead of a statement on 31 October.
This includes the pensions "triple lock", which guarantees payments would rise by whatever is higher - prices, average wages or 2.5%.
Asked whether the government was still committed to the triple lock, Mr Cleverly told BBC Breakfast ministers took manifesto commitments "incredibly seriously".Asked whether the government was still committed to the triple lock, Mr Cleverly told BBC Breakfast ministers took manifesto commitments "incredibly seriously".
"I know your viewers would want me to give certainty here and now. I'm not in a position to do that because the announcements are going to be made in the very, very near future by the chancellor," he said."I know your viewers would want me to give certainty here and now. I'm not in a position to do that because the announcements are going to be made in the very, very near future by the chancellor," he said.
"We've got to do the right thing to make sure we manage the economy well. We've got to make sure that our cost of borrowing doesn't go up because that then has an impact on inflation and those bills as well.""We've got to do the right thing to make sure we manage the economy well. We've got to make sure that our cost of borrowing doesn't go up because that then has an impact on inflation and those bills as well."
New Chancellor Jeremy Hunt is due to give a statement on the government's plans for tax and spending on 31 October.New Chancellor Jeremy Hunt is due to give a statement on the government's plans for tax and spending on 31 October.
All government departments have been told to find savings, and Mr Hunt has not ruled out further tax hikes and spending cuts to reassure financial markets and keep UK debt under control.All government departments have been told to find savings, and Mr Hunt has not ruled out further tax hikes and spending cuts to reassure financial markets and keep UK debt under control.
Inflation - the rate at which prices rise - is running at a 40-year high of 10.1%, meaning wages, pensions and benefits are not keeping up with the cost of living.Inflation - the rate at which prices rise - is running at a 40-year high of 10.1%, meaning wages, pensions and benefits are not keeping up with the cost of living.
A decision on how much to increase pensions by next April has not been made yet and would normally be expected this autumn.A decision on how much to increase pensions by next April has not been made yet and would normally be expected this autumn.
The triple lock has been in place ever since it was introduced under the Conservative-Liberal Democrat coalition, apart from a one-year suspension during the pandemic.The triple lock has been in place ever since it was introduced under the Conservative-Liberal Democrat coalition, apart from a one-year suspension during the pandemic.
The Resolution Foundation think tank has estimated raising pensions by earnings instead of inflation would save the government £6bn next year.The Resolution Foundation think tank has estimated raising pensions by earnings instead of inflation would save the government £6bn next year.
The government has also refused to commit to increasing benefits in line with inflation, a pledge made by Ms Truss's predecessor Boris Johnson. The issue dominated the Tory party conference in Birmingham - and breaking previous commitments on pensions and benefits is likely to face opposition from many Tory MPs.The government has also refused to commit to increasing benefits in line with inflation, a pledge made by Ms Truss's predecessor Boris Johnson. The issue dominated the Tory party conference in Birmingham - and breaking previous commitments on pensions and benefits is likely to face opposition from many Tory MPs.
Previously supportive newspapers, the Daily Mail and the Daily Express, also attacked the prime minister over the failure to commit to the triple lock on their front pages on Wednesday.Previously supportive newspapers, the Daily Mail and the Daily Express, also attacked the prime minister over the failure to commit to the triple lock on their front pages on Wednesday.
Shadow business secretary Jonathan Reynolds said Labour was committed to keeping the triple lock "no ifs, no buts", as well as increasing benefits in line with inflation. Labour has said it is committed to keeping the pensions triple lock.
However, shadow levelling up secretary Lisa Nandy was less unequivocal when asked about the issue.
While she said the party was committed to increasing benefits with inflation, on pensions she said the government could not set out what it was going to do in two years time because it did not know what the economic situation would be.
But she told BBC Radio 5 Live protecting pensioners would be "a priority" for the next Labour government.
The prime minister was pictured leaving Downing Street on Tuesday night to meet Eurosceptic MPsThe prime minister was pictured leaving Downing Street on Tuesday night to meet Eurosceptic MPs
Ms Truss's performance at PMQs, only her third since taking office, will be watched closely as she battles to save her leadership. Five Conservative MPs have publicly called for her to resign, while many more have privately said she will have to go.
Five of her own MPs have now publicly called for her to resign, while many more have privately said she will have to go.
Tactics reportedly under consideration to oust her include submitting no-confidence letters in an attempt to force her into resigning.Tactics reportedly under consideration to oust her include submitting no-confidence letters in an attempt to force her into resigning.
There has also been speculation some MPs could push party bosses into changing the rules to allow an early leadership challenge.There has also been speculation some MPs could push party bosses into changing the rules to allow an early leadership challenge.
However, there is little agreement on should take over from Ms Truss if she is removed.However, there is little agreement on should take over from Ms Truss if she is removed.
Tory Party members also appear to be turning against Ms Truss, despite most backing her to become PM.Tory Party members also appear to be turning against Ms Truss, despite most backing her to become PM.
A YouGov poll of 530 members found 55% now thought she should resign.A YouGov poll of 530 members found 55% now thought she should resign.