Pensioners could lose the ‘triple lock’ guarantee to their standard of living, Downing Street confirmed yesterday after Chancellor Jeremy Hunt tore up the Prime Minister’s economic plans.
The rule, introduced in 2010, ensures that state pensions increase by at least 2.5 percent each year, but match inflation or average wages, when both are higher.
It was endorsed as the Conservative Manifesto in 2019 and Liz Truss recently “committed wholeheartedly” to it.
But the Prime Minister’s spokesman warned yesterday that she “cannot make commitments on individual policy areas”.
The spokesman said Ms Truss was “very aware” of how many vulnerable pensioners there are and said the party’s aim was “to continue to protect the most vulnerable in society”.
But Age Concern warned that abandoning the pledge would be a betrayal of Britain’s 12 million pensioners.
“Anything but the triple lockdown would mean a real-world cut in the state pension, which on average is only worth around £9,000 anyway, but accounts for the bulk of the income of most older people in our country,” director Caroline Abrahams said.
Conservative MP Maria Caulfield vowed she would not vote for an end.
And Labor’s Jonathan Ashworth said older people should not have to pay for the Prime Minister’s “catastrophic mistakes”.
Economists warn the Chancellor will need to raise £30billion more to balance the budget ahead of his October 31 finance strategy. Mr Hunt, who has told ministers to find “stunning” savings, has saved £32billion by reversing most of Kwasi Kwarteng’s mini-budget.
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https://metro.co.uk/2022/10/19/end-to-triple-lock-betrays-pensioners-17590280/ End of the triple lock "treasures pensioners"