This comes as a further blow for pensioners who are among the most vulnerable to rising energy prices and have little protection as the cost of living crisis bites.

Inflation is forecast to hit 7.6pc in September, according to Goldman Sachs, the investment giant. A 7.6pc increase in the state pension next year would boost the new state pension by £14.10 per week to £199.25 in April 2023. This equates to an extra £733 a year. The current full state pension is £179.60 a week.

A spokesman for the prime minister confirmed that the Government would stick to the triple lock formula, quelling fears it would be overridden again.

However, speaking in parliament, Therese Coffey, secretary of state for work and pensions, refused to rule out further tampering with the triple lock next year when challenged by Jonathan Ashworth, her opposition counterpart.

Mr Ashworth said he feared elderly people would starve or freeze under the rising cost of living. “Retirees are facing rising energy bills that are so unaffordable, tax rises so punishing, [and] real terms cuts to the basic state pension so deep.”

Think tank the Resolution Foundation has urged the Chancellor to raise pensioner benefits by a further five percentage points to 8.1pc as the most effective way to support families worst hit by Britain’s cost of living crisis.