Business Secretary plays down rumours that 'triple lock' will end

Business Secretary Kwasi Kwarteng has said he does not believe the Government will suspend the pensions "triple lock" to help meet the cost of the pandemic.

Reports have suggested Chancellor Rishi Sunak is considering suspending the triple lock – which guarantees the state pension increases in line with inflation, earnings or 2.5%, whichever is higher – for a year.

Earlier, former pensions minister Sir Steve Webb said even a one-year squeeze on the income of OAPs would be "totally unacceptable".

Webb said Mr Sunak will "undoubtedly be looking for alternatives to a big pension hike".

He added: "Even after a decade of the triple lock we still have one of the lowest state pensions in the developed world and it is still to reach an acceptable level."