How much more expensive have houses got?

Lock, stock and barrel

Jeremy Hunt committed the Conservatives to maintaining the Triple Lock in their manifesto. How much is the policy costing taxpayers?

– The Triple Lock – which guarantees a rise in the state pension equivalent to the Consumer Prices Index (CPI), average earnings or 2.5 per cent, whichever is the highest – was introduced in 2011. Since then the state pension has increased with CPI six times, average earnings three times and 2.5 per cent three times.

– The basic state pension is currently £156.20 per week. Had it increased only with CPI it would now be worth £140.90 and had it increased only with average earnings it would be worth £141.20.

– The total state pension bill this year is £124.3 billion. Had pensions gone up with CPI it would be £114.3 billion and had they gone up with earnings it would be £114.5 billion.

Source: House of Commons Library