Rachel Reeves gives clear sign of how much state pension will rise by next April

has confirmed the is set to rise by around £450 next April.

The Chancellor disclosed that the size of increase will be revealed in the on October 30. Experts have speculated that the uplift will be around that much as a result of the government’s

Reports have previously said Treasury calculations suggest it was a “near certainty” it will go up in line with official wage growth data. That means pensioners on the current annual rate of £11,502 would get around £12,000 in the next financial year.

The government’s triple-lock pledge ensures state pensions go up by 2.5%, average earnings or inflation, whichever figure is higher. Pre-2016 retirees who may be eligible for the secondary state pension could get a £300 per year rise.

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It came as Ms Reeves refused to be drawn over whether she would offer any help to the millions of pensioners who have been denied winter fuel payments. In July, when I announced that difficult decision, I did say because of the inheritance that we faced from the last government of £22billion, a black hole in the public finances, not just one year but years into the future.

“I announced £5.5billion savings to bring that down but, as you can see, there is still a gap between the black hole we inherited and what we would need to close that,” she said.

“What I would say to readers is that this government has committed to the triple lock for the duration of this parliament, which means that this winter the new state pension is worth £900 more than it was worth last winter, so at least three times higher than the value of the winter fuel payment per household. I will announce the increase in next year’s state pension in the Budget, but it is likely to be the region of £450.”

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