Latest money news: Rachel Reeves ‘did not want or expect’ to cut winter fuel payments --[Reported by Umva mag]

Welcome to Metro.co.uk’s money blog — today we’re keeping a close eye on the Labour conference and Rachel Reeves’ first speech there as Chancellor.

Her decision to strip winter fuel payments from 10 million pensioners is likely to be the focus of fierce debate in Liverpool, with major trade unions demanding a U-turn on the policy.

She has defended the move ahead of the speech, highlighting this morning the increased take-up of pension credit and the retention of the state pension triple lock would protect incomes.

Speaking to Times Radio, she said: ‘Already, the triple lock means that the pension this year is worth £900 more than a year ago, I’ll announce at the Budget probably another increase of around £460 next April, and over the course of this parliament, the new state pension is likely to rise by £1,700.

‘So, we are protecting pension incomes through the triple lock, which means that they will go up by the highest of inflation, 2.5% or earnings.’

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