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Pension Triple-lock Must Be Protected Says Gordon MP
Gordon MP Richard Thomson has called on the UK Government to stand by its previous commitment to the triple-lock on pensioners, following speculation the promise may be scrapped by new Conservative Chancellor Jeremy Hunt.
The triple lock is a commitment to raise the UK state pension every year by whichever is highest - average earnings, inflation or 2.5%.
Inflation is currently at a 40-year high of 10.1%, meaning households and businesses continue to face increasing input costs over food, energy and other bills.
In a letter to the Chancellor, Mr Thomson called on Jeremy Hunt to reconsider changes to the triple-lock policy, and to stop plans for further cuts to social security amidst the worst cost of living crisis in a generation.
Commenting, Richard Thomson MP said:
“Pensioners who do not have the opportunity to gain further income through paid employment are at particular risk of falling into poverty during this cost-of-living crisis. The Conservatives made a commitment in the 2019 election to retain the triple-lock protection on state pensions - it would be completely unacceptable to deliver such a blow to the budgets of pensioners here in the North-east and break a firm manifesto promise.
“The Prime Minister and Chancellor must act to ensure social security payments, including pensions, match the rate of inflation. If benefits only increase with earnings, it will amount to the biggest real-terms permanent cut ever made in a single year, devastating households already struggling with sky-high food and energy bills.”
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