But wage growth was 7.3 percent in the three months to May and 8.6 per cent annually, due to those on furlough returning to full wages. Mr Kwarteng told LBC yesterday: "I think it is safe. I've always been of the view that we should stick to the words in the manifesto.

       "Of course, things have happened, like Covid. Like the fact that we spent ￡350billion in one year to support the economy.

       The bill will be an additional ￡6.7billion in 2022/23 - ￡4.4billion more than if the pension rose in line with consumer price inflation or 2.5 percent.

       The Office for Budget Responsibility recently said that pensioners could see payouts rise by as much as eight percent from April 2022 due to guarantee.

       But Jan Shortt, general secretary of the National Pensioners Convention, said: "The triple lock is there because of a poor state pension and to combat poverty.

       "However, the increase in state pension retirement age not only saves the government money on pensions, but it also rakes in more in taxes and National Insurance contributions.

       "A decent state pension is affordable and the triple lock is not unfair to workers."