New analysis obtained by Metro Mayor Dan Norris shows that the basic state pension will be worth hundreds of pounds less in real terms over the next year, affecting 51,200 pensioners across South Gloucestershire.
According to the statistics, a basic state pension for a person will be worth roughly £222 less in real terms over a year in 2021/22 than it was in 2021/22. This is due to growing inflation and the Conservatives’ decision to only increase the state pension by 3.1 percent. For a couple it will be worth around £355 less. This is a real-terms cut to the state pension that is more than the amount Ministers are providing households to reduce their energy bills over the next year.
The motion to approve Government plans for a real-terms cut to state pensions was pushed through by Conservative MPs on Monday 7 February.
In the midst of a cost of living crisis, the Government’s decision to break the triple lock and give pensioners a real-terms cut to their pensions will leave older people in Britain paying hundreds of pounds more as a result of the rise in energy prices.
Labour’s plan to reduce energy bills would raise money to keep bills low through a one-off windfall tax on oil and gas profits to support all households, with households typically getting £200 off their bills. Labour’s plan will get £600 to the lowest income households while the Conservatives will only give them £350.
Commenting, Dan Norris, Metro Mayor for the West of England said ”Unfortunately at a time when cost of living is soaring, petrol is 24 percent more expensive, and prices are going up in the shops, Tory MPs have pushed through a real terms cuts to pensions and the support families rely on.
“With working people, families, and pensioners struggling to make ends meet, as well as rising child and pensioner poverty, the Conservatives have demonstrated that they are not on the side of working people or pensioners.”
“It is clear that only Labour will stand up for pensioners, ensuring that older people receive the respect, security and prosperity they deserve.”