Age UK’s charity director Caroline Abrahams warned last week that failing to keep to the triple lock promise would be “devastating” and a “flagrant breach of trust”.
She said: “The rising rate of inflation announced [on October 19] only strengthens the case for reinstating the triple lock which, let’s not forget, was introduced to protect pensioners from the kind of hardship that many are facing now, and that even more will face over the next few months.
“Knowing their state pension would keep pace with rising prices because of the triple lock has given precious hope to many older people at a time of great anxiety; for the Government to take that away from them would be a hammer blow, as well as a flagrant breach of trust.”
Bringing calm to the gilt markets will be another priority for Mr Sunak after the mini-budget of unfunded tax cuts brought chaos to the bond market last month.
Such chaos, Ms Morrissey said, “caused defined benefit pension schemes using liability-driven investment to run into difficulties”.
She continued: “The Bank of England’s bond-buying programme helped stabilise the markets, but Governor Andrew Bailey was quick to point out this support was time-limited, leading to concerns within the industry that gilt yields could spike again causing further upheaval.
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