Triple lock scrap confirmed: Tories break promise with vote to change law to cut pensions

Triple lock scrap confirmed: Tories break promise with vote to change law to cut pensions

Triple lock scrap confirmed as tories break promise to cut pensions. PENSIONERS are to miss out on a mega-boost to their state pension payments after MPs vote through legislation last night.

Conservative MPs overwhelmingly backed the Government in a vote that saw the party break its manifesto pledge.

At the 2019 election, the Tories promised to maintain its commitment to the policy first introduced by David Cameron in 2010.

It means for the next year the state pension will only rise by the highest out of 2.5 percent or inflation.

Triple lock scrap confirmed: with a vote to change the law on pensions

The previous legislation ensures state pensions rise by the highest of inflation, increase in earnings or 2.5 percent each year.

But following the pandemic, ministers announced earlier this month their intention to suspend the mechanism for a year.

Work and Pensions Secretary Therese Coffey said at the time a “statistical anomaly” caused by the coronavirus crisis meant average earnings were likely to rise by over eight percent.

The Bank of England expects inflation to peak at approximately four percent in 2021.

In an unusual move, the change in legislation was voted through the House of Commons in a single day.

It went through all stages of the Commons parliamentary process in under six hours. Ahead of the vote campaigners warned the Government to “rethink” its decision.

…………………………………

EU shamed by ‘bigger, tougher’ UK and US after Australia defence pact ‘Full marks Boris’

US markets today – Stocks nosedived amid fears of market correction

Tories break promise with a vote to change the law to cut pensions

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.