A boost for pensioners.!!

Started by Scrumpy, June 24, 2022, 07:20:44 PM

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Scrumpy

I read in the press on Weds that the Treasury vowed to reinstate its Triple Lock  pledge..
Downing Street defended the decision to award the bumper rise to pensioners..

Did anyone else read about this..?  
Don't ask me.. I know nuffink..

klondike

#1
A percentage of a pittance doesn't amount to much. It should never have been withdrawn for this year as it was an election pledge. We'd have had 8% which is still less than inflation.

June 24, 2022, 07:31:56 PM
Google confirms the story btw. This was the first hit to my search.

https://www.ftadviser.com/pensions/2022/05/26/sunak-confirms-return-of-triple-lock-next-year/#:~:text=Chancellor%20Rishi%20Sunak%20has%20confirmed,pension%20triple%20lock%20next%20year.

Scrumpy

It doesn't sound as exciting as I thought it might be..  :boo:
Don't ask me.. I know nuffink..

Cassandra

Don't get too excited. The review is due under 'triple lock criteria' on November 25th to take effect April 5th the following year. Typically they have coughed it up this early in too encourage opposition from the anti-pensioner groups (Lib Dems, Labour, Greens and at least two thirds of Tory MP's) who want it all given to the Millenials.

So this is nothing more than a cynical method of ensuring they'll 're-write' the triple lock within 'Johson - speak' to settle pensioners off on the cheap, driven by the voters of course!
My little Dog - A heartbeat at my feet ...

Scrumpy


Oh well... Another one bites the dust..  :boo:

Don't ask me.. I know nuffink..

Cassandra

Somehow 'Pinochio' has got to re-write the Triple lock. Either on one hand by saying the 'bulk of public opinion' is against 'baby - boomers' getting even richer at the cost of their grand children (as if capital drip-down didn't exist). Or alternatively he removes CPI inflation from it's menu of consideration. A tricky one even for a skilful liar to achieve.

To pay out UK pensioners at CPI in 2023, is around £10 billion. A lot, but he has already taken over half that in advance for breaking the terms this year with a miserly 3.1% when they could clearly see double figure inflation on the horizon. Also paying Pensioners in line with Tory Party Manifesto promises to honour the 'triple lock' is non-inflationary. We make or service nothing, unlike say Train drivers etc. Also 95% of Pensioners pay income tax at source!

Don't forget it was The Coalition Tory/Lib dems who established the lock in 2010 and the Liberals were quick to re-assure Tavistock and Honiton voters of their intention to honour that commitment in the next General Election - (watch them forget that one!)! Another reason the 'red herring' announcement by this administration to coalesce with Triple lock next time, two days before polling, another cheap falsehood.

Overall, a despotic and frivolous way to handle many life-time Tory supporters, which is why they stayed home Thursday.
My little Dog - A heartbeat at my feet ...