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Pension triple lock faces new questions after Rachel Reeves’ budget. The Chancellor announced there will be a 4.8% increase in the basic and new state pension next year under the policy.

The triple lock ensures that the state pension will increase each year according to average earnings growth, inflation or 2.5%, whichever is highest. But the country’s longest-serving MP warned the measure was “unsustainable”.

Conservative MP Sir Edward Leigh told the House of Commons yesterday: “We all know that the triple lock is unsustainable. “You can’t have a situation where people of my generation are draining an increasingly larger share of the national wealth through state pensions.

“Frankly, our government never had the courage to address this issue by raising it because they knew Labor would crucify them at the ballot box.

“Now Labor is in the same impasse. The truth is that it would be completely unfair to young people if the burden on the elderly increases year after year due to the triple lock.”

Vote in our poll below on whether triple lock should be canceled or not.

Conservative former minister Tom Tugendhat said there were “not enough young people for the aging population”.

He told MPs: “To be honest, the demographics of this country are going against us.”

Mr Tugendhat continued: “This means we have to look at the triple lock, I’m afraid.

“I’ve already made it clear. Now, I know my front-row team disagrees with me, but I’ve been clear on this issue that we cannot afford the welfare payments we make.

“We must be clear that healthcare and pensions are now too expensive.”

Campaigners insist many pensioners living on modest incomes rely on the triple lock.

The Daily Express has run a long-running campaign to defend this policy.