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<p>The table below provides the estimated cost to the Exchequer for each of the next
20 years of increasing state pensions by the best of price or earnings inflation (‘double
lock’) in place of a triple lock.</p><p>The figures assume that the change in uprating
happens from 2023/24<strong>.</strong> They are based on analysis done in 2018, so
they do not take into account any impacts of covid-19<strong>. </strong></p><p> </p><table><tbody><tr><td><p>
</p></td><td colspan="2"><p><strong>Expenditure Prices (£billion) as a percentage
of GDP</strong></p></td></tr><tr><td><p><strong>Financial Year</strong></p></td><td><p><strong>Double
Lock</strong></p></td><td><p><strong>Triple Lock</strong></p></td></tr><tr><td><p>2020/21</p></td><td><p>4.6</p></td><td><p>4.6</p></td></tr><tr><td><p>2021/22</p></td><td><p>4.7</p></td><td><p>4.7</p></td></tr><tr><td><p>2022/23</p></td><td><p>4.7</p></td><td><p>4.7</p></td></tr><tr><td><p>2023/24</p></td><td><p>4.7</p></td><td><p>4.7</p></td></tr><tr><td><p>2024/25</p></td><td><p>4.8</p></td><td><p>4.8</p></td></tr><tr><td><p>2025/26</p></td><td><p>4.9</p></td><td><p>4.9</p></td></tr><tr><td><p>2026/27</p></td><td><p>4.9</p></td><td><p>4.9</p></td></tr><tr><td><p>2027/28</p></td><td><p>4.7</p></td><td><p>4.8</p></td></tr><tr><td><p>2028/29</p></td><td><p>4.8</p></td><td><p>4.8</p></td></tr><tr><td><p>2029/30</p></td><td><p>4.9</p></td><td><p>4.9</p></td></tr><tr><td><p>2030/31</p></td><td><p>5.0</p></td><td><p>5.0</p></td></tr><tr><td><p>2031/32</p></td><td><p>5.1</p></td><td><p>5.2</p></td></tr><tr><td><p>2032/33</p></td><td><p>5.2</p></td><td><p>5.3</p></td></tr><tr><td><p>2033/34</p></td><td><p>5.3</p></td><td><p>5.4</p></td></tr><tr><td><p>2034/35</p></td><td><p>5.4</p></td><td><p>5.5</p></td></tr><tr><td><p>2035/36</p></td><td><p>5.5</p></td><td><p>5.6</p></td></tr><tr><td><p>2036/37</p></td><td><p>5.6</p></td><td><p>5.7</p></td></tr><tr><td><p>2037/38</p></td><td><p>5.6</p></td><td><p>5.7</p></td></tr><tr><td><p>2038/39</p></td><td><p>5.6</p></td><td><p>5.7</p></td></tr><tr><td><p>2039/40</p></td><td><p>5.7</p></td><td><p>5.7</p></td></tr><tr><td><p>2040/41</p></td><td><p>5.7</p></td><td><p>5.8</p></td></tr></tbody></table><p><em>Source:
DWP modelling. The figures include the cost of the State Pension. They do not include
the cost of Pension Credit or other pensioner benefits. </em></p>
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