Triple lock betrayal: Elderly facing hole in pocket – Sunak under fire as plan unravels

Pensioner reveals he's turned his heating off due to rising costs

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The Chancellor has been accused of leaving the elderly “out in the cold” after breaking the Conservatives’ triple lock pension pledge last year. New measures announced by the Treasury to help households in the coming months following a 52 percent hike in the energy price cap are unlikely to make up for the less than expected increase in pension payments.

Energy bills are expected to rise to nearly £2,000 a year from April.

Last week Mr Sunak outlined a £150 council tax rebate to help those most in need and a £200 energy bill discount to be paid back over the next five years.

But with state pensions only rising by 3.1 percent – the rate of inflation in September – rather than the 7.25 percent rate the Bank of England is forecasting for April, recipients are set to be considerably worse off.

Analysis by the Liberal Democrats suggests those on the Basic State Pension will be left £149 poorer in real terms, while those on the New State Pension will be left £237.40 worse off.

The party’s work and pensions spokeswoman, Wendy Chamberlain MP, told Express.co.uk: “In breaking their manifesto promise and failing to protect the state pension, especially for poorer pensioners, the Conservatives have plunged older people into the depths of a cost of living crisis.

“Their paltry support doesn’t even begin to drag them out of it, failing to cover what millions have had to endure over a cold and bitter winter.

“Pensioners are among the most vulnerable people in our society.

“This out of touch Government has left them out in the cold, with a hole in their pocket and even harsher days ahead.

“Rishi Sunak’s energy debt package fails to recognise this and offers little consolation.”

Last week the Chancellor said his plan would “take the sting out” of energy price hikes.

“Without Government intervention the increase in the price cap would leave the average household having to find an extra £693.

“The actions I’m announcing today will provide to the vast majority of households just over half of that amount, £350,” The Richmond MP told the Commons.

“In total the Government is going to help around 28 million households this year.

“Taken together this is a plan to help with the cost of living worth around £9billion.”

DON’T MISS:
Pension ‘gateway benefit’ could hold key to greater retirement support [INSIGHT]
Urgent £70,000 pension warning – you could ‘wipe out’ your savings [UPDATE]
Staggering difference between retirement age in EU and UK [MAPPED]

The Lib Dems want the Government to go further by giving up to £600 a year to 11.3 million elderly pensioners to help with their heating bills, through a one-off doubling of the Winter Fuel Allowance.

They also want the Warm Home Discount, an energy discount for those in pension benefit, to be doubled to £300.

Measures could be funded by a one-off “Robin Hood tax” on the record profits of oil and gas producers and traders, the party says.

Ms Chamberlain said: “It’s high time the Government showed some common sense and ensured a fair increase to the state pension.

“But we also need to see something much more ambitious to help pensioners up and down the country.

“Doubling the Warm Home Discount and Winter Fuel Allowance, funded through a Robin Hood tax on the super-profits of oil and gas giants, would be a good place to start.”

Giving evidence to MPs on a parliamentary select committee earlier today, Work and Pensions Secretary Therese Coffey said Mr Sunak had put forward a “substantial” package.

“I think the £9billion will be substantial support,” she said.

“There has already been a significant increase into the level of support.”

Source: Read Full Article