CPI/RPI Pensions Uprating

Debate between John McDonnell and Glyn Davies

Thursday 1st March 2012 Commons Chamber

[John McDonnell]

I support auto-enrolment, which is a good thing. What these pensions do is enable people to have an element of security in the future. The auto-enrolment process will work out over time; unfortunately, a number of these pensions will be caught in that gap as a result of the significant cuts being made.

I know that the cuts are said to be necessary because we have a deficit, but there is a straightforward, fair and equitable alternative, namely to make those who caused the crisis—and who benefited most in the boom years—pay for it.

[Glyn Davies (Montgomeryshire) (Con)]

The purpose of the change that the Government have made is to make public pensions more sustainable. We have seen what has happened in the private sector when they are not sustainable; many schemes have collapsed completely. Given that much of what Labour Members are saying constitutes an attack on the Government’s position, it would be interesting to know whether the position would be reversed if the Opposition became the Government.

[John McDonnell]

I can tell the hon. Gentleman that if I form the next Government, it will be. I ask him to stick with me.