The political rationale for the triple lock on pensions is obvious.

Pensioners are much more likely to vote than younger generations. A state pension that always keeps pace with inflation and wages, and which outpaces both in a deflationary environment, is a slam dunk for politicians. Since older voters are generally more likely to vote Conservative - and in the last general election did so in huge numbers - it makes particular sense for Theresa May to think very carefully about keeping the triple lock.