A Tory triple whammy of soaring prices, a tax hike and a lower State Pension could see 1,176,763 working pensioners in the South-West region £1,400 worse off over the next two years, according to new analysis by the House of Commons Library.
This should not be happening and a Labour government would be making different choices, not leaving pensioners to struggle.
Many retired people in Bristol work Part-time, to contribute to our communities or to supplement their state pension. This April, their state pensions will face real terms cuts, adding to the cost of living crisis they are facing.
The Commons Library analysis also shows the value of the State Pension is eroded in real-terms by nearly £300 next year and will still be lower in real-terms in 2023/24 even if it is uprated by 5.9%, the rate of inflation that is forecast for September 2022.
As a result, a working pensioner earning average salary, who is in receipt of the State Pension and liable to pay the Health and Social Care Levy, faces a real-terms reduction in their income of £770 in 2022/23 and £622 in 2023/24, an almost £1,400 loss.
This is a disgrace.
Yesterday, Jonathan Ashworth MP, Shadow Secretary of State for Work and Pensions, brought forth a motion in the House of Commons raising these concerns and offering alternatives.
I support Labour’s calls upon the Government to cut home energy bills, halt the planned tax rise on working pensioners and ensure older people are protected from the cost of living crisis. They deserve better than the deal this government is offering them.
How have you been affected?
I’ve set up a survey on the impact of the cost of living crisis on Bristol’s households. Please take a minute to tell me your concerns and how I can help.