Local MP welcomes confirmation that triple lock will remain in place

At Prime Ministers questions this week, it was confirmed that the triple lock will remain in place. The triple lock means that state pension will rise each year by whichever is the highest of either 2.5%, average wage growth or inflation.

This follows media speculation regarding spending given cost of living pressures, the on going war in Ukraine and international inflation. The Prime Minister has confirmed it will be protected by the Government. Dr Luke Evans MP has been raising this important issue with the Government, and most recently in a meeting directly with the Secretary of State for Work and Pensions, Chloe Smith.

Additional cost of living support for pensioners, from the Government as part of the £37 billion package, was announced in May. All pensioners will receive up to £850, which is made up of the £400 energy grant for all households (split over six months), a £150 Council Tax rebate for homes in bands A-D and a £300 one-off pensioner payment.

Those claiming pension credits are also eligible for a £650 cost of living support payment, paid in two lump-sums of £326 and £324. Pension credit is the most under-claimed benefit in the UK, and it’s thought that up to 850,000 pensioners are eligible further support but not claiming it – the top-up amounts to an extra £3,300 each year. The Government has urged pensioners to ring 0800 99 1234 to check their eligibility.

Confirmation of protection of the triple lock comes ahead of an announcement by the Chancellor of the Exchequer, Jeremy Hunt, on October 31st regarding the Government’s medium-term plan for the economy.

Dr Luke Evans, Member of Parliament for Bosworth, said: “Following private lobbying for a renewed commitment to the triple lock, I’m pleased that pensioners in Bosworth and across the nation will continue to be protected by the Government.

“In a recent meeting (Tuesday 11th October) with the Secretary of State for Work and Pensions, Chloe Smith MP, I signalled my commitment to the triple lock and raised the issue of red tape surrounding apprenticeships, which I’ve discussed with local businesses and will continue to raise with relevant ministers.

“I welcome the Government’s support for the most vulnerable – including the £1 billion Household Support Fund and up to £1,200 in cost of living payments – on top of the cap on unit prices for gas and electricity for both domestic and non-domestic users (businesses, schools, hospitals etc).”

For more information on the help available with cost of living pressures, visit www.gov.uk/cost-of-living.

---END---