State Pension Triple Lock

Karin Smyth Excerpts

Tuesday 8th November 2022 Commons Chamber

[Laura Trott]

We absolutely recognise that this is a very difficult time for pensioners. That is why we put a substantial package of support in place, which I will come on to later.

The Secretary of State set out, when opening the debate, that the results of his uprating review will be announced alongside the autumn statement on 17 November. To nobody’s surprise, I will not be pre-empting the outcome of that review today. However, reflecting the debate this afternoon, it is important to highlight how pensioners have been supported since 2010.

The yearly amount of the basic state pension has risen by over £2,300 in cash terms, rightly highlighted during the debate by my hon. Friends the Members for South Cambridgeshire (Anthony Browne), for Torbay (Kevin Foster) and for Heywood and Middleton (Chris Clarkson). Average weekly pensioner incomes have increased by 12% in real terms and as a result absolute pensioner poverty has fallen by 400,000 since 2010.

We are forecast to spend over £134 billion on benefits for pensioners in 2022-23. That amounts to 5.4% of GDP.

[Karin Smyth (Bristol South) (Lab)]

If everything has been so good since 2010, why did the Government stand on a manifesto commitment in 2019 to protect the triple lock? What was the point of that?

[Laura Trott]

We have been absolutely clear about our record since 2010. I have been clear that I cannot pre-empt the decisions of the Secretary of State. The point is that we on the Government Benches have put plans in place to help pensioners this winter. We are not waiting until next April.