BARONESS ALTMANN: Don’t you dare go back on the Prime Minister’s promise to preserve pensions triple lock, Mr Hunt
The Prime Minister has performed many flip-flops on policy in recent days but none of them has been more damaging than her mixed messaging over the pensions triple lock.
With inflation spiralling to 10.1 per cent this week and winter approaching fast, millions of pensioners have been left in a constant state of confusion and anxiety, unable to budget for the most basic necessities.
Every visit to the supermarket amounts to an appointment with fear, as they approach the check-out unsure of whether they have the funds to meet their escalating food bills.
And while the energy price cap does make it easier for them to budget for heating bills, many businesses, faced with sky-high fuel costs, have no choice but to pass on the pain to consumers, including pensioners. Insurance, over-the-counter remedies, clothing… all the inevitable necessities of even the most frugal life now cost more.
The Chancellor of the Exchequer, Jeremy Hunt, has a moral duty to reassure pensioners, by committing the Government to honour inflation protection for state pensions. A simple, clear, unbreakable pledge is imperative. Anything less will be a betrayal
This in a country where state pensions are already among the lowest in the developed world. People who retired before April 2016 receive a basic state pension of £141.85 a week. That’s less than £7,500 a year.
It’s a pittance. If the Government is seriously suggesting that we cannot even manage to maintain that sum in the face of inflation, what does that say about the nation’s values and how we prioritise spending.
It also means that the mental health of Britain’s most vulnerable people, the frail and the elderly, is being hit hard.
Many see friends and family rarely and have only the TV and radio for company. With constant money worries, loneliness can become all-consuming, and depression is a common consequence. What an appalling indictment of Britain in the 21st century.
This in a country where state pensions are already among the lowest in the developed world. People who retired before April 2016 receive a basic state pension of £141.85 a week. That’s less than £7,500 a year
The people whose letters and desperate emails fill my in-tray are not irresponsible spendthrifts. They grew up as members of generations that understood the value of money. You won’t find them complaining that they are unable to upgrade their smartphones or enjoy luxury holidays. Their needs are far more urgent and basic.
In such a context, the Government’s shilly-shallying over the state pension has been irresponsible in the extreme. Yesterday the Prime Minister said she was ‘completely committed’ to the triple lock, but this declaration came within hours of a statement by a No 10 spokesman that the triple lock was no longer sacrosanct.
The Chancellor of the Exchequer, Jeremy Hunt, has a moral duty to reassure pensioners, by committing the Government to honour inflation protection for state pensions. A simple, clear, unbreakable pledge is imperative. Anything less will be a betrayal.
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