The triple lock guarantees the state pension rises every April whichever is higher out of inflation, wages or 2.5%14:18, 07 Sep 2026Chancellor John Healey has been urged to scrap the state pension triple lock to help struggling businesses.‌The British Chambers of Commerce, which represents over 70,000 businesses, wants employer National Insurance contributions to be cut for all under-25s to help the youth unemployment crisis. It argues that this can be partly funded by getting rid of the triple lock.‌The triple lock guarantees the state pension rises every April whichever is higher out of inflation (using the previous September inflation figure), wages (average growth between May and July) or 2.5%.‌But this policy, which was introduced in 2011, has face intense political debate in recent years over questions of its long-term cost. Experts have also warned that the state pension age may need to rise further to fund it.The Office for Budget Responsibility estimates the annual cost will reach £15.5billion by 2030. In its pre-Budget submission, the BCC called on the Chancellor to give firms the "breathing space" they need to create jobs, invest and grow.‌Shevaun Haviland, Director General of the British Chambers of Commerce said: “We know the government is in a fiscal bind and its choices are limited."But support for business is not just money out the door, it generates vital economic returns. Easing cost pressures will give firms breathing space to create jobs, investment and growth.“Right now, too many businesses are being held back by ever increasing bills. Our research shows domestic policy costs on firms have piled up by over 70% in the last decade.‌“The Chancellor must use his first budget to cut the cost of doing business, allowing everyone to reap the economic benefits. Piling more taxes on firms, would be a road to ruin. The quickest way to destroy business confidence.”The BCC also wants the government to introduce a targeted tax reduction package to ease energy and business rate pressures for firms.‌How would scrapping the triple lock affect your state pension?It would all depend on what measure is used to increase the state pension moving forward - for example, if future increases were to track just inflation or wage growth.A previous Freedom of Inflation (FOI) request from last year by former pensions minister Sir Steve Webb found 14.5 million people face having inadequate retirement income under the triple lock.But this rises to 19 million if the triple lock was axed and state pension increases were linked to earnings, and to 26.1 million people if future rises were linked to inflation.‌Separately, research by the Pensions Policy Institute warned that the number of pensioners living in poverty in 2050 could be 700,000 higher if the triple lock for the state pension is scrapped.The latest figures show average growth, including bonuses, was at 4.1% in the three months to June. In comparison, inflation is at 2.9%If the next earnings growth figures remain unchanged, an increase of 4.1% would add more than £500 a year to the new state pension.Article continues belowTom Selby, director of public policy at AJ Bell, said: "It is unlikely that government will simply scrap the triple-lock at the Budget, but those in power cannot simply plough on with the triple-lock blindly without having a clear plan either."At some point, the government will need to set out very clearly at what level the state pension should be fixed to earnings or inflation and then plot a sensible path to reach that level."A Department for Work and Pensions spokesperson said: "Supporting pensioners is a priority and we have committed to the Triple Lock for the rest of this Parliament meaning millions of older people will see their State Pension rise by up to £2,100.”