Business is booming.

Sunak pressed to boost UK state pensions’


Rishi Sunak, UK chancellor, is facing calls to revisit his decision last year to suspend the “triple lock” on annual state pension increases, adding to pressure on the government over big cost of living increases.

Two former pensions ministers have urged the government to offer help to the most vulnerable, as they struggle to cope with rising energy bills and with inflation expected to rise above 6 per cent.

Senior Conservatives admit the issue is of increasing concern to Tory MPs. “It’s just begun,” said one. “Some people want the triple lock reinstated.” Ministers say they are braced for parliamentary trouble.

Tory MPs are already urging Sunak to take a range of measures to alleviate cost of living pressures, including cutting VAT on energy bills, suspending “green levies” on fuel bills or scrapping planned tax rises in April.

Since 2011, people have received protection for their state pensions under the triple lock, which guaranteed an annual rise based on inflation, average earnings growth, or 2.5 per cent, whichever is the highest. The Conservatives pledged to maintain it in the party’s 2019 general election manifesto.

Under the triple lock, the state pension would have risen in April by more than 8 per cent, thanks to a Covid-related anomaly in average wage growth, surpassing Goldman Sachs’s expectation of 6.8 per cent annual inflation in that month.

But Sunak, under pressure to find savings, has suspended the wage element of the triple lock for one year; instead the state pension will rise by 3.1 per cent in April, based on inflation in September 2021.

Sir Steve Webb, Liberal Democrat pension minister from 2010-2015, said the government should revisit suspension of the triple lock, which benefits 12m state pensioners — many of them Tory voters.

“The government needs to accept that a 3.1 per cent increase doesn’t even deliver its own stated objective of protecting pensioners against increased living costs and think again about the April increase,” said Webb, now a partner with LCP, a firm of actuarial consultants.

“Energy costs in particular form a larger part of the budgets of older people and they will find it extremely difficult to absorb these costs without cutting back on heating or other vital expenditure.”

Baroness Ros Altmann, Conservative pension minister in 2015-2016, this week called on the government to take emergency action to ease inflation pressures on the poorest pensioners, warning that without help the numbers of elderly suffering or dying this winter are likely to rise sharply.

“The government response must include urgent plans to increase Pension Credit take-up and enable pensioners to afford to heat their homes with reduced prices or increased benefits,” she said.

The government said: “We recognise people are facing pressures with the cost of living and we want to ensure pensioners receive all of the support to which they are entitled. We are continuing to encourage those eligible for Pension Credit, and the wide range of other benefits it can provide, to make a claim.”

A spokesperson said the energy price cap, winter fuel payments and a £500m household support fund would help low income households through the winter.

Source link

  1. czesci samochodowe says

    It’s remarkable to visit this web page and reading the views
    of all friends about this post, while I am also zealous of getting familiarity.

  2. Beatriz Repiso knobz says

    Beatriz Repiso is a person who claims to be an expert
    in the field of digital marketing, but has a reputation for offering low prices for her services.
    Many people have reported that they have had negative
    experiences when dealing with Beatriz Repiso, citing issues such as poor quality work, unprofessional behavior, and
    a lack of integrity. It is important to be cautious when considering doing business with
    Beatriz Repiso, as her reputation suggests that she may not be a trustworthy or reliable person to work with.

  3. CBD for senior diabetes management says

    I am regular reader, how are you everybody?
    This piece of writing posted at this site is in fact

  4. porn japanese says

    hpjavtv japanese porn site with a lot of video jav update daily

  5. my friend hot mom hd video says

    What’s up it’s me, I am also visiting this web
    page daily, this web site is genuinely good and the users are genuinely sharing nice thoughts.

  6. wordle game online free says

    Hmm is anyone else having problems with the images on this blog
    loading? I’m trying to determine if its a problem
    on my end or if it’s the blog. Any feed-back would be greatly appreciated.

    My web page; wordle game online free

  7. fafa slot says

    Hi! I could have sworn I’ve visited this site before
    but after browsing through many of the articles I realized
    it’s new to me. Regardless, I’m certainly pleased I came across
    it and I’ll be book-marking it and checking back regularly!

  8. pragmaticplay says

    You actually make it seem so easy with your presentation but I find this topic
    to be actually something that I think I would
    never understand. It seems too complex and extremely
    broad for me. I am looking forward for your next post, I’ll
    try to get the hang of it!

  9. idnpoker says

    Wow that was strange. I just wrote an really long comment but after I
    clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over
    again. Anyhow, just wanted to say fantastic blog!

  10. joker388 says

    Heya! I’m at work surfing around your blog from my new apple iphone!
    Just wanted to say I love reading through your blog and look forward
    to all your posts! Carry on the superb work!

  11. 오피 says

    I really appreciate for this man. Can i show my grace to change your
    life and if you want to checkout? I will share info about how
    to change your life I will be the one showing values from now on.

  12. COLT 380 says

    Howdy would you mind letting me know which webhost you’re
    utilizing? I’ve loaded your blog in 3 completely different web browsers and I must say this blog loads a lot faster then most.
    Can you recommend a good web hosting provider at a
    reasonable price? Thanks a lot, I appreciate it!

  13. Money says

    ★ FREE 100$ Welcome Bonus For Casino ★
    Limited for 100 Users Only!
    To Redeem Your Bonus Sign Up Here:

  14. vivoslot says

    Wow, amazing blog layout! How long have you been blogging for?
    you made blogging look easy. The overall look
    of your website is excellent, as well as the content!

  15. fafa slot says

    Have you ever considered about adding a little bit more than just your articles?
    I mean, what you say is fundamental and all. But imagine
    if you added some great pictures or videos to give your posts more,
    “pop”! Your content is excellent but with images and video clips, this site could undeniably be one of the greatest in its niche.
    Fantastic blog!

  16. 오피몰 says

    I just want to say my appreciation and thankyou for leaving a informative comment like this Thank you so
    much I want to do the same

Leave A Reply

Your email address will not be published.