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Debate between Alun Michael and Steve Webb
Monday 18th October 2010
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(14 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Alun Michael (Cardiff South and Penarth) (Lab/Co-op)
T6. Does the Secretary of State accept that the result of changing indexation from the retail prices index to the consumer prices index is that pension increases in 2012 will be cut from 4.6 to 3.1%? Is that what he regards as fairness?
The Minister of State, Department for Work and Pensions (Steve Webb)
The right hon. Gentleman is probably not aware that the planned increase in 2012 under the Labour spending plans was 2.4%, which was what the previous Government thought earnings would be. Whatever the pension rises, we have guaranteed that the increase will be at least 2.5%, so whatever we do, it will be more than he had planned.