Pensions set for 18 per cent increase after being omitted from Sunak’s summer statement – or are they?

Chancellor Rishi Sunak dodged a major headache in his summer statement – failing to address a burning issue affecting pensions.

He has a choice between giving senior citizens a massive increase in their pensions next year, or breaking a long-standing promise to them.

Here’s the problem, according to the Mirror:

Current rules mean the Government will need to find enough money to raise the state pension by an estimated 18.3% when we can least afford it.

It’s because of an old promise to make sure pensions rise by at least as much as average earnings each year.

Earnings have collapsed in 2020 thanks to a combination of the furlough scheme, lockdown and pay cuts – and that means next year average wages will look like they’ve rocketed and pensions will have to rise despite never having fallen.

The Government’s needs to choose between breaking a promise to pensioners, or handing them huge increases because working Brits lost money.

Sunak didn’t say a word about pensions in his statement – he ignored the issue completely.

But the problem won’t go away and he will have to decide soon whether to blow a huge hole in the pension fund – or upset a huge swathe of mostly Tory voters.

This Writer is willing to bet he’ll upset the oldies – because there won’t be a general election for four years and he’ll expect them to have forgotten or died by then. That’s the usual rationale.

Source: Three glaring omissions from Rishi Sunak’s mini Budget – young mums, pensions and renters – Mirror Online

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4 thoughts on “Pensions set for 18 per cent increase after being omitted from Sunak’s summer statement – or are they?

  1. James

    Incidentally, let’s not forget that UK pensions are among the lowest, if not THE lowest, in the developed world!

  2. Growing Flame

    Not only will many pensioners forget about being betrayed by the Tories, or, indeed, we may die before the next General Election,, but ,also, many have the ability to cling to old certainties about the superiority of Britain in all things and are prepared to KNOWINGLY sabotage their own interests to vote for the Tories if that represents a chance to fly the Union Jack even higher. Or a chance to applaud “plucky little Britain”(possibly just England ,then) while still clinging in vain to the idea that , this time, at last, all the “horrible immigrants will stop arriving en masse.”

    There is much speculation that Johnson will ramp up the “culture wars” to support his vote. We on the Left are good at economic analysis and solutions but the Tories get elected for other reasons, notably by stoking racist fears and resentments while boosting the morale of the voters with stirring Dunkirk, Battle of Britain, D-day, VE day, VJ day etc commemorations.

    Throw in talk of our “world-beating Monarchy” or “British common sense” and it usually works.

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