The triple lock ensuring that pensions rise by the highest of 2.5 per cent, average earnings, or inflation is in danger of being dropped by Rishi Sunak’s new Tory government.
It seems the new prime minister, whose personal wealth is greater than that of the King, is not keen to allow pensioners’ payments to rise in line with the cost of living; inflation currently stands at a 40-year high of 10.1 per cent, due to the failures of previous Tory administrations.
His press secretary has merely claimed that Sunak has a record of being “compassionate for the most vulnerable”. This Writer is not convinced that such a claim holds water.
It seems clear that the pensions triple lock – which was a Tory idea, let’s not forget – was never intended to allow payment increases of the kind being demanded now.
It was a lie intended to dupe senior citizens into thinking the Tories support them and therefore into voting Conservative at elections.
It was dropped during the Covid-19 crisis because wages, having fallen, then rose by eight per cent and Sunak refused to pay. That was a special case, though, because the triple lock did not take account of falls in wages; the rise in fact only returned wages to where they were before.
This is not a special case. The cost of living has increased enormously and richer-than-the-King Sunak is indicating that he wants pensioners to be unable to afford to pay their bills any more.
Oh – and Sunak won’t commit to raising state benefits in line with prices, either.
The decisions on these issues will come on November 17, in Chancellor Jeremy Hunt’s winter Budget that is replacing a statement that was due on Monday. Hunt has been given more than two weeks’ grace to find a way to make the situation work for pensioners and those on benefits.
Do you honestly think he’ll bother?
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