Chancellor stands by tough choices as he faces a showdown over cutting winter fuel benefits.

Welcome to The Agency's money blog! Today, we're closely following the Labour conference and the much-anticipated first speech of Chancellor Rachel Reeves. As she settles into her office at no. 11 Downing Street, all eyes are on her as she prepares to address the nation.

One of the most contentious topics that Reeves is expected to address is the recent decision to remove winter fuel payments from 10 million pensioners. This move has sparked heated debates among major trade unions, who are calling for a complete reversal of the policy.

Despite facing criticism, Reeves has stood by her decision and is set to defend it in her speech. She has already highlighted the increased take-up of pension credit and the fact that the state pension triple lock will remain intact, ensuring the protection of pensioners' incomes.

In a recent interview with Times Radio, Reeves explained, "Thanks to the triple lock, pensioners have already seen a £900 increase in their pension this year compared to last year. At the upcoming Budget, I will announce another increase of approximately £460 in April, and over the course of this parliament, the new state pension is expected to rise by £1,700."

So, while there may be some changes in the works, pensioners can rest assured that their incomes are being safeguarded. Reeves emphasized that the triple lock guarantees that pensions will increase by the highest of either inflation, 2.5%, or earnings.

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