Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, if he will make an estimate of the potential cost to the public purse of applying the triple lock to the uprating of social security benefits in financial year 2024-25.

The triple lock is this Government’s commitment to increase the new and basic State Pensions annually in line with the highest of the increase in prices, the growth in average earnings, or 2.5%.

Accordingly, the Secretary of State has decided that – subject to Parliamentary approval – for the financial year 2024/25, the new and basic State Pensions, along with the Standard Minimum Guarantee in Pension Credit, will increase by 8.5%, in line with the growth in average earnings. Working-age and extra-costs disability benefit rates will – also subject to Parliamentary approval – increase by 6.7%, in line with the increase in prices and in accordance with the provisions of the Social Security Administration Act 1992.

Using 8.5% instead of 6.7% for these benefits would potentially add approximately £2.3bn to the cost of the social security system in that year.