Work and Pensions Secretary Therese Coffey has confirmed that the government will remain committed to the state pension triple lock for the rest of this parliament, following the temporary move to a ‘double lock’ in 2022 because of pandemic distortions.
This means that in April 2023 British state pensioners will once again receive an uplift at the highest of the rise in earnings, price inflation or 2.5%. Due to the huge increase in the cost of living this year, and depending on what this amounts to by September, the increase in April 2023 could be 8% or higher.
It may appear generous but pensioners will still have to cope with inflationary pressures for a whole year while waiting for the increase to take effect. And let’s not forget that the increase they are receiving this year will be less than originally promised by the government in their election manifesto.
Even with the Triple Lock, the fact is that the British state pension is one of the lowest relative to average earnings among the developed countries constituting the OECD.
There is another fallacy that is overlooked even by the unions. Namely the concept of cost of living increases calculated in terms of percentages. For a low earner or pensioner with an annual income of £10,000 an increase of 8% would amount to £800 whereas a person with an income of £100,000 would receive an increase of £8,000! The tax brackets may reduce the disparity a little but it should be obvious that the system simply results in an ever-widening gap in monetary terms between the rich and the poor.
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