Martin Vickers
Main Page: Martin Vickers (Conservative - Cleethorpes)
Sajid Javid
If this pension fund ended up in the PPF, the outcome would be different depending on the particular circumstances of this group of members. Where those members are existing pensioners—so they are receiving their pension already—they would typically continue to get 100% of their pension, but the indexation would change to the statutory minima, which is typically CPI.
Martin Vickers (Cleethorpes) (Con)
I know from my discussions with Ministers about the future of the Scunthorpe works that the Government have been grappling with the issue of business rate support for the industry. Is the Minister able to advise and update us on any progress that has been made on additional relief?
Sajid Javid
Business rates are an important component of costs for many industries. The Government have already taken action. In the last Budget, we announced that business rates would be indexed to CPI rather than RPI; by 2020, that will save business £370 million. Regarding steel, there are specific proposals. While we do keep these things under review, we are also very much focused on many other ways in which we can help the industry.