POLL: Do YOU think pensioners have been let down by Tory Party?

Martin Lewis discusses Rishi Sunak’s spring statement

The Conservative Party has continued to fail older Britons with plans to scrap the pensions triple lock guarantee, the soaring cost of living and National Insurance levy in which Shadow Secretary of State for Work and Pensions Jonathan Ashworth described as hitting pensioners with a “triple whammy”.

The Labour Party has warned that older people “risk being at the sharp end of the cost of living crisis”, saying that over the next few years pensioners may be almost £1,500 worse off.

The Treasury said: “We will continue to support retired people while ensuring future decisions are fair for both pensioners and taxpayers.

“The Government will confirm next year’s state pension rates in the autumn.”

Following the Spring Statement, SNP MP Alison Thewliss hit out at Mr Sunak over his failure to support those within the group, Women Against State Pension Inequality (WASPI).

Pensioner looking at finances

Do you think pensioners have been let down by the Tory Party? (Image: Getty)

WASPI has been campaigning for years for compensation over the pension age inequalities.

Ms Thewliss said: “The measures put in place only help people who are in work.

“Benefits just don’t go far enough as they don’t keep pace with inflation and a welfare cap that punishes people for their circumstances.

“An end to the triple lock and nothing for the WASPI women outside, campaigning yet today.

“Still losing out on what should have rightfully been theirs.”

Rishi Sunak

Rishi Sunak delivered his Spring Statement this week (Image: Hollie Adams/Bloomberg/Getty)

Silver Voices, a campaign group for senior citizens, previously warned that its members might “actively campaign against the Conservatives at the next election”.

Director Dennis Reed described such changes to the state pension, TV licensing and prescription charges as a “series of attacks on pensioners”, and said that older people felt that their votes were being taken for granted by the Conservatives.

In September 2021, the Conservative Party broke a 2019 manifesto pledge to preserve the triple lock which ensured state pensions in the UK increased yearly in line with inflation or 2.5 percent, whichever was higher.

The decision to scrap the triple lock from April means pensions will increase by 3.1 percent, well below the current inflation rate of 6.2 percent and the Office for Budget Responsibility’s forecasted 7.4 percent by the end of the year.

This means pensioners are set to struggle to cope with the rising cost of living.

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Pensioners are also unlikely to benefit from Mr Sunak’s announced National Insurance changes. 

The income threshold for National Insurance will rise to £12,570 in July, an increase of £3,000.

Steven Cameron, pensions director at Aegon, warned that lower national insurance receipts could question the affordability of maintaining the state pension triple lock.

He said: “Raising the threshold will store up longer-term challenges for funding state pensions which are paid for out of national insurance on a pay as you go basis.

“There have been calls for the planned increase in state pension age to 67 by 2028 to be deferred, but having lower national insurance receipts will make that less affordable.”

Spring Statement summary

Spring Statement summary (Image: EXPRESS.CO.UK)

In his Spring Statement, Mr Sunak also announced that fuel duty would be cut by 5p per litre until March 2023.

He confirmed that he would maintain the health and social care levy through a National Insurance hike and the basic rate of income tax will be cut from 20 to 19 pence in the pound before the end of this Parliament in 2024.

In addition, homeowners installing energy-efficient materials would not pay VAT for five years.

He also pledged to provide an extra £500million of funding through the doubling of the Household Support Fund for local authorities.

Mr Sunak also introduced a new “tax plan” to reduce and reform taxes to ease the cost of living and “create the conditions for higher growth”, and “share the proceeds of growth fairly”.

So what do YOU think? Have pensioners been let down by the Tory Party? Are you more or less likely to vote for Boris Johnson in the next election? Vote in our poll and join the debate in the comment section below.

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