Triple lock betrayal: Sunak has £30bn in extra funding – but pensioners get NOTHING

Budget 2021:Chancellor Rishi Sunak Inflation likely to rise further

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Better than expected growth announced by the Chancellor at the dispatch box means the Treasury has between £20billion and £30billion in extra funding at its disposal. While the Office for Budget Responsibility in March predicted four percent growth, updated forecasts from the independent body today suggest the economy will grow by seven percent this year.

The extra finance is being used by Mr Sunak to pay for a raft of expensive investments in public services.

Pensioners have been left outraged by the Chancellor’s plan to spend the money on new projects while failing to honour the Conservative party’s manifesto commitment to maintain the state pension triple lock.

Dennis Read, Director of campaign group for the over-60s Silver Voices, told “It doesn’t look like poorer pensioners are getting any protection whatsoever against the cost of living crisis.

“We’re the forgotten generation for the Chancellor.

“He’s done a little bit on Universal Credit, he’s certainly done a lot on the minimum wage, but yet the triple lock has been scrapped.

“Pensions will be a below-inflation increase next year, he’s done nothing on the winter fuel allowance and he’s done nothing about free TV licences.”

While Mr Sunak did not get did not reimpose the triple lock, he committed to raising the minimum wage and tweaked the Universal Credit mechanism to help claimants keep more of their money.

Mr Reed added: “His announcement on the minimum wage wasn’t in the manifesto.

“He should honour manifesto commitments before he starts spending money elsewhere.

“This was a missed opportunity to U-turn on last month’s broken promise.”

At the 2019 election the Conservatives promised to increase state pensions each year by the highest out of: inflation, average earnings, or 2.5 percent.

However, ministers warned millions of Britons returning to work after being supported by the furlough scheme had caused a “statistical anomaly” that would have suggested wages had increased by as much as nine percent.

As a result, last month the Government held a vote in the Commons to suspend the triple lock for a year.

Instead, pensions will increase by 3.1 percent, the inflation rate in September 2021.

Critics have warned the rise equates to a real-terms drop as inflation is set to rise to as much as six percent by next April when the increased payment comes into effect.

The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.

While most Tory MPs voted in favour of suspending the triple lock, many are still quietly unhappy at the decision.

One told this website: “I’m still uneasy about suspending the triple lock.

“It was a manifesto pledge.

“If we don’t honour those, how can we convince the public to trust us at the next election?”

The Government has pledged to restore the triple lock from next year.

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