Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the marginal propensity to consume of (a) all pensioners, (b) pensioners under the threshold for Pension Credit and (c) pensioners over the threshold for Pension Credit.

HM Treasury does not hold this information.

The average award of Pension Credit is worth more than £4,200 a year, providing a safety net for pensioners on the lowest incomes. The UK Government is focused on maximising Pension Credit take-up to ensure those entitled to it are getting the support they need.

Over 12 million pensioners will benefit from our commitment to protect the Triple Lock on the new and basic State Pensions. Based on OBR Autumn 2024 forecasts, over the course of this Parliament, the full yearly rate of the new State Pension is expected to increase by around £1900.