Cost of Living: Pensioners

Baroness Sherlock Excerpts

Thursday 26th May 2022 Lords Chamber

[Baroness Stedman-Scott (Con)]

As I said earlier, since 2010, the state pension has risen by £2,300 in cash terms and the full-year basic state pension is now over 45% higher than in 2010.

[Baroness Sherlock (Lab)]

My Lords, I am glad the Chancellor is finally putting something on the table, although we do not know what yet, but does the Minister agree that the process is not great? The Spring Budget was only two months ago. We begged the Chancellor to do more on the cost of living and he ignored us. We suggested a windfall tax and the Prime Minister ridiculed it. The Government did not have to legislate for the biggest real-terms cut in the value of the state pension for 50 years. We do not yet know what the Chancellor is going to do, but the rumours always appear to be about one-off payments. Even if there is something to tide people over, it will not deal with the collapse in the standards of living. Why have Ministers ruled out bringing forward pension and benefit increases? Does the Minister accept that prices are unlikely suddenly to slump again but, if they did, upratings would pick that up next time round anyway? Or will the Chancellor be back here again in a few months?

[Baroness Stedman-Scott (Con)]

If the noble Baroness does not mind, I do not agree that the Chancellor has ignored things. He has had to deal with a pretty difficult set of circumstances. Due to legacy benefits, we can do an uprating only once a year, the reasons for which all noble Lords know. Since 1987, we have consistently used the September inflation figure and that will continue.