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Rishi Sunak will guarantee that the pensions triple lock will remain in place under a future Conservative government, Sky News understands.

The costly policy came under fresh scrutiny after Chancellor Jeremy Hunt warned this week that improved economic growth and public sector spending cuts might be needed to sustain it.

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However, a Treasury source said the Tories – which introduced the triple lock in 2010 – will stick with it when the nation goes to the polls.

The triple lock is a government promise to raise state pensions every year by the level of average earnings, inflation or 2.5% – whichever is the highest.

It was designed to ensure people’s pensions are not impacted by gradual rises in the cost of living over time – but an ageing population and soaring inflation has raised questions about its long-term affordability.

A recent report by the Institute for Fiscal Studies (IFS) said the triple lock added an extra £11bn a year to public spending.

Asked about the sustainability of the triple lock and the pension age, Mr Hunt told the Lords Economic Affairs Committee on Tuesday that both of those things are “kept under review”.

He added: “The answer is very contingent on how successful we are.

“If we are able to run public services more efficiently, if we are able to increase our long-term growth rate, then it is entirely possible we can continue to have the levels of public provision we currently have, and the support for pensioners, and I very much hope that is the case.

“We are confident we can continue to support pensioners in the way we have been in the past.”

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The comments sparked concern that the future of the triple lock was under threat.

But speaking to the Express, which first reported on plans to keep the policy, Mr Hunt said: “I am totally committed to the triple lock, which is increasing the state pension by 8.5% next month – worth £900. Our track record is clear: we stand square behind Britain’s pensioners.”

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The general election, expected in the second half of this year, will be heavily fought on the economy.

Both the chancellor and his Labour counterpart Rachel Reeves have set out strict fiscal rules on public spending.

It has been reported that Labour will also commit to the triple lock in its election manifesto.

Any backtrack on the policy would be politically risky, given the UK’s state pension provision is lower than most other advanced economies and warnings about rising pensioner poverty.

However, critics say that on top of its unsustainable cost, it contributes to inter-generational unfairness.

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Why Boris’s best mate is off to Reform

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Why Boris's best mate is off to Reform

👉Listen to Politics at Sam and Anne’s on your podcast app👈       

Former Conservative chairman and friend of Boris Johnson – Sir Jake Berry – is defecting to Reform UK, causing more problems for Tory leader Kemi Badenoch.

On today’s episode, Sky News’ Sam Coates and Politico’s Anne McElvoy discuss if his defection will divide parts of Reform policy.

Elsewhere, the Anglo-French summit gets under way, with Prime Minister Sir Keir Starmer hoping to announce a migration deal with French President Emmanuel Macron to deter small boat crossings.

Plus, chatter around Whitehall that No10 are considering a pre-summer reshuffle, but will it have any value?

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Australia to test CBDCs, stablecoins in next stage of crypto play

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Australia to test CBDCs, stablecoins in next stage of crypto play

Australia to test CBDCs, stablecoins in next stage of crypto play

The trial is part of Project Acacia, an initiative from the RBA exploring how digital money and tokenization could support financial markets in Australia.

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Starmer and Macron agree need for ‘new deterrent’ to stop small boat crossings

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Starmer and Macron agree need for 'new deterrent' to stop small boat crossings

Sir Keir Starmer and Emmanuel Macron have agreed the need for a “new deterrent” to deter small boats crossings in the Channel, Downing Street has said.

The prime minister met Mr Macron this afternoon as part of the French president’s state visit to the UK, which began on Tuesday.

High up the agenda for the two leaders is the need to tackle small boat crossings in the Channel, which Mr Macron said yesterday was a “burden” for both the UK and France.

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The small boats crisis is a pressing issue for the prime minister, given that more than 20,000 migrants crossed the English Channel to the UK in the first six months of this year – a rise of almost 50% on the number crossing in 2024.

Sir Keir is hoping he can reach a deal for a one-in one-out return treaty with France, ahead of the UK-France summit on Thursday, which will involve ministerial teams from both nations.

The deal would see those crossing the Channel illegally sent back to France in exchange for Britain taking in any asylum seeker with a family connection in the UK.

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However, it is understood the deal is still in the balance, with some EU countries unhappy about France and the UK agreeing on a bilateral deal.

French newspaper Le Monde reports that up to 50 small boat migrants could be sent back to France each week, starting from August, as part of an agreement between Sir Keir and Mr Macron.

A statement from Downing Street said: “The prime minister met the French President Emmanuel Macron in Downing Street this afternoon.

“They reflected on the state visit of the president so far, agreeing that it had been an important representation of the deep ties between our two countries.

“Moving on to discuss joint working, they shared their desire to deepen our partnership further – from joint leadership in support of Ukraine to strengthening our defence collaboration and increasing bilateral trade and investment.”

It added: “The leaders agreed tackling the threat of irregular migration and small boat crossings is a shared priority that requires shared solutions.

“The prime minister spoke of his government’s toughening of the system in the past year to ensure rules are respected and enforced, including a massive surge in illegal working arrests to end the false promise of jobs that are used to sell spaces on boats.

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“The two leaders agreed on the need to go further and make progress on new and innovative solutions, including a new deterrent to break the business model of these gangs.”

Chris Philp, the shadow home secretary, seized on the statement to criticise Labour for scrapping the Conservatives’ Rwanda plan, which the Tories claim would have sent asylum seekers “entering the UK illegally” to Rwanda.

He said in an online post: “We had a deterrent ready to go, where every single illegal immigrant arriving over the Channel would be sent to Rwanda.

“But Starmer cancelled this before it had a chance to start.

“Now, a year later, he’s realised he made a massive mistake. That’s why numbers have surged and this year so far has been the worst in history for illegal channel crossings.

“Starmer is weak and incompetent and he’s lost control of our borders.”

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