Triple lock pension action NOW! Rishi Sunak under huge pressure to reimpose pledge
Rishi Sunak 'taking money out of our pensions' says economist
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An exclusive poll for Express.co.uk found 74 percent want the Government to U-turn on its broken manifesto pledge. TECHNEUK’s survey for this website found just 21 percent did not believe urgent intervention was needed, while five percent did not know.
The polling company asked 1,629 UK adults on May 25 and 26: “Should the Government restore the triple lock on the maximum increase for pensions to help with the cost of living crisis and as it promised in its manifesto?”
Pensioners have so far this year seen a £551 real terms cut to their annual income due high inflation.
In the 2019 general election, the Conservatives pledged to increase pensions each year by the highest out of inflation, average earnings, and 2.5 percent.
But ministers suspended the commitment last autumn in light of the pandemic.
Mr Sunak argued Covid had led to an anomy in average earnings which would have seen the Government forced to increase pensions by as much as nine percent.
He pledged to reintroduce the triple lock mechanism next year.
But with inflation now skyrocketing and set to hit double figures by the end of the year, Britons want Mr Sunak to intervene now to reverse the suspension.
The survey was conducted before Chancellor Rishi Sunak was forced to intervene to unveil emergency measures during the week to help households across the country.
Mr Sunak unveiled a £15billion finance package to help Britons with rising costs.
It included a £400 payment to all households to help ease the burden of rising energy bills and more targeted support for the poorest, the elderly and the disabled.
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On top of the £400 universal payment, a further £300 will be made available to pensioner households in November/December alongside the winter fuel payment, costing £2.5billion.
The money is a grant that will not need to be paid back.
However, he stopped short of reimposing the triple lock.
Instead, he stuck to his original commitment to start using the funding formula again from 2023.
Andrew Tully, of pension investment firm Canada Life, said next year action was needed now rather than in 2023.
He said: “Any increase will come too late to help those who face rapidly increasing bills this year.
“That leaves many facing unwelcome choices on how to cut their spending by making changes to their shopping habits and lifestyle.”
Sir Steve Webb, pensions minister in the coalition Government, added: “People who can’t pay their bills now cannot wait until next April, they are facing a month-by-month struggle.”
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