Downing Street yesterday abandoned its commitment to the pensions triple lock, in the most obvious sign yet that the Tory manifesto pledge is about to be broken.
No 10 recently insisted it remained official policy amid concerns that rising earnings growth would trigger a record hike in the payment, but the Prime Minister’s official spokesperson declined to say if he would still guarantee a yearly rise by the highest of either wage growth, inflation or 2.5 per cent.
With the first-quarter earnings up 8.8 per cent a year ago, when they fell as workers were furloughed or had their hours cut due to the pandemic, pensioners could get £822 more in 2022.
The spokesperson said that no decisions had been made, and that the triple lock remains, but that they recognise the genuine concerns about the potential artificially inflated earnings impacting the future uprating of pensions.
Experts believe ministers will attempt to fudge the problem by basing the increase on inflation or a two-year figure for wage growth ignoring distortions caused by COVID.
Jon Greer, of wealth management company Quilter, said it would be right to correct the earnings growth anomaly.
Former pensions minister Sir Steve Webb, partner at the consultancy LCP, said the question was whether the move was temporary, adding that most people would understand a one year change, and to get rid of it forever would be a transgression of faith in the manifesto.
The figures due to determine next year’s pensions increase will be announced next month, showing the latest levels of inflation and earnings growth.
If the triple lock were maintained and based on wage growth for the three months to July, it would point to a record boost that could force the state pension over £10,000 a year.
This is because earnings growth is compared with the level between May and June of the past year, and in 2020 it fell because the pandemic saw millions of workers put on furlough or having their hours cut.
Of course, there’s never a deficiency of money for our rubber dinghy visitants, but of course, we shouldn’t be envious of those who have nothing because compared to them we apparently live a safe, prosperous life, and those people only have the clothes that they wear.
And we shouldn’t have a problem with genuine people escaping oppression, however, having freeloaders travelling through numerous safe countries just to get handouts is not on, and don’t overlook that half a million pound each year to store their rubber dinghies in case they might come to claim their boat, and this crass stupidity of this once magnificent country has become laughable all the world over.
Of course, the people setting policy are not in the needy bracket either, they will never be affected, and it seems that Boris Johnson is full of broken promises, and this has become a stinking rotting government, and they should stop giving people’s pensions away, and should be spending it on British national’s that were born here.
There’s never any shortage of money for illegals and now the Afghans, but then perhaps we shouldn’t be meddling in other people’s nations, and we must separate those in desperate need of protection to those who consciously decided to enter illegally to soak off everyone else.
It’s also essential to honour pledges and not downgrade the most vulnerable age group after years of paying in and building up the country.
Boris Johnson has gone for gold this time with the lowest pensions, and if he were going in for the Olympics for how dysfunctional this Tory government is, then he would definitely win the gold.