UK Rules Out Ditching triple Lock Pledge On State Pension Will Increase

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LONDON, June 21 (Reuters) - Britain is not planning to ditch its promise to protect annual state pension increases with a so-called 'triple lock', Prime Minister Boris Johnson's spokesman mentioned on Monday. British newspapers have reported that the government was looking at suspending the promise to increase pensions by whichever is larger of consumer price inflation, average earnings growth, or 2.5%. They stated it might assist pay for the cost of the government's COVID-19 response. Due partly to distortions from the coronavirus pandemic, annual wages within the three months to April grew by an annual 5.6% - creating an extra four billion pound ($5.5 billion) annual value for future pensions. The promise to take care of the system for increasing pensions was in the Conservative authorities's manifesto of pledges ahead of the 2019 election. The spokesman also ruled out revenue tax rises.