There’s still several days to go until what Mr Sunak has planned is unveiled, and many are continuing to wonder what it means for the increase to the state pension in the future.

Steven Cameron, Pensions Director at Aegon commented: “The Chancellor faces the daunting task of how to begin recouping the many billions he has been spending for almost a year, offering much needed support to individuals and businesses through the pandemic.

“With the UK Government only now beginning to set out its roadmap out of lockdown, and the full economic impact still unclear, the Chancellor may feel it’s still too early to shift his focus from tackling the virus and protecting jobs.

“But having cancelled his autumn Budget, and with the funding gap getting bigger by the day, he will be keen to start making some announcements on future remedies whether through increases in taxation, a growth agenda or most likely a combination of both.”

READ MORE: Inheritance Tax warning: Rishi Sunak could enact ‘massive changes’ to gifts & allowances