The government will honor the triple lock formula and raise the state pension by 8.5% in line with average earnings.

In his autumn statement chancellor Jeremy Hunt confirmed the triple lock will be honoured ‘in full’ by raising it to £221.20 a week from April 2024.

This is worth up to £900 a year.

He said: ‘After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.

‘We have supported families with rising bills, cut borrowing and halved inflation.

‘Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen.

‘Our plan for the British economy is working. But the work is not done.’