The ‘triple lock’ state pension guarantee should be sacrificed to help pay the gargantuan bill for fighting the coronavirus crisis, according to a think tank.

Elderly people have just received a bumper near-4 per cent rise in the full new state pension to £175.20 per week, or to £134.25 if they are on the old basic rate.

The triple lock means rises are decided by whatever is the highest of price inflation, average earnings growth or 2.5 per cent.