The cost of the state pension is poised to soar by 8.5pc next year under the triple lock.

Average wages increased by the figure in the three months to July, new data from the Office for National Statistics shows.

It will probably determine the increase in the state pension from April next year, which is calculated using whichever is higher among average earnings growth, consumer prices index inflation or 2.5pc.

Economists do no think inflation will exceed 8.5pc when the data for August are released next Wednesday.

Rishi Sunak has refused to commit to the triple lock if his party wins the next general election, saying he will not “speculate” on policy pledges.

The Prime Minister appeared to distance himself from a manifesto pledge on the state pension guarantee mechanism yesterday, after saying just last month that the Government was “of course committed to its policy on the triple lock”.

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