Abandoning pension triple lock 'could leave thousands of Wigan pensioners £900 worse off'

A borough MP says Government broken promises on the pension triple lock could leave thousands of pensioners worse off.

Yvonne Fovargue estimates that 19,502 older residents in her Makerfield constituency would be adversely hits if Rishi Sunak stops pensions rising with inflation for the second year in a row.

With a similar number affected in Wigan, Leigh and Bolton West, that would mean more than 60,000 receiving less.

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The 2019 Conservative Manifesto committed to the triple lock on state pensions, but after spending billions propping up the economy during Covid lockdowns, it was suspended.

Makerfield MP Yvonne Fovargue.Makerfield MP Yvonne Fovargue.
Makerfield MP Yvonne Fovargue.

Now there are fears tChancellor Jeremy Hunt may renege on the manifesto for the second year running as he tries to fill a £55bn black hole in the economy when making his Parliamentary statement next week.

This could leave pensioners in Makerfield up to £920.18 worse off on average, according to new analysis.

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The study from the House of Commons Library, commissioned by Labour, shows Makerfield pensioners face an average cut of £416.90 in 2023/24 if the lock is broken again when pensions are uprated next April.

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The loss would be even larger when considering what the state pension would have been had it not already been broken.

Taking this into account, pensioners could be £920.18 worse off overall, compared to what the state pension would be if the triple lock had not been broken at all.

Ms Fovargue said: “The Tories already betrayed pensioners over the triple lock last year, and it is appalling that they are considering this once again.

“They made a dangerous gamble with the economy and are now asking pensioners in Makerfield to pay the price.

“Pensioners can’t trust the Tories. Labour will always protect pensioners, working people, and those who need support the most.”

Even if Mr Hunt does propose abandoning the lock for now, there is no guarantee that he will get it through Parliament.

A number of Conservative back benchers have already voiced opposition to any such move.