UK News

Boris Johnson signals ‘triple lockdown’ on pensions could be broken amid estimates of 8% increase | Politics News

Boris Johnson has signaled that the government could break the “triple lockdown” pledge on pensions by declaring there must be “fairness for retirees and for taxpayers”.

There have been calls for the prime minister to abandon his campaign pledge to maintain the triple lockdown following estimates that state pensions could rise by as much as 8%.

The triple foreclosure sees the state pension increase each year based on who is the highest among average incomes, prices, or 2.5%.

Chancellor of the Exchequer Rishi Sunak after delivering his' Mansion House 'address to Financial and Professional Services, formerly known as the Bankers' Dinner, at Mansion House in the City of London.  Photo date: Thursday, July 1, 2021.
Chancellor Rishi Sunak may have to shell out an additional £ 3bn a year

Due to fluctuations in income growth linked to COVID, it has been estimated that retirees may be in line for a big increase at a time when many workers have suffered loss of income and Chancellor Rishi Sunak is trying to cope. to the massive impact of the coronavirus crisis on the nation’s finances.

This is due to artificially high wage growth this year compared to a year ago, when wages were depressed while many workers were on leave.

Earlier this week, the Office of Fiscal Responsibility said Mr. Sunak may have to shell out an additional £ 3bn per year if he sticks to the triple lock promise.

When asked on Wednesday whether he would be comfortable abandoning the Conservatives’ manifesto promise, the PM said: “I think we need to be fair to retirees and taxpayers.

“But you’ll have to wait and see what the Chancellor comes up with.”

He echoed previous comments by Mr Sunak himself, who told the BBC: “Triple lockdown is government policy, but I fully recognize people’s concerns.

“I think these are very legitimate and fair concerns to raise.

“We want to make sure that the decisions we make and the systems we have are fair, both for retirees and for taxpayers.”

Follow the Daily podcast on Apple podcasts, Google Podcasts, Spotify, Streamer

Mr Sunak said the government must “wait for the …

More information about this article Read More
This notice was published: 2021-07-08 14:31:00

Leave a Reply

Your email address will not be published. Required fields are marked *