Over 1,166,000 working pensioners in the East of England are set to be an average of £2,300 worse off over the next two years because of three broken Conservative manifesto commitments.

In the 2019 General Election, the Conservative Party promised to ‘keep the Triple Lock’ on State Pensions, ‘not to raise the rates of National Insurance’ and to ‘introduce new measures to lower energy bills’.

The Conservative Government has since made the biggest real-terms cut to the State Pension in fifty years, hiked taxes and allowed energy bills to soar.

New analysis from the House of Commons Library shows that working pensioners are set to be an average of £2,300 worse off over the next two years.

Working pensioners in the East of England will see real-terms reductions in their incomes over the next two years from the broken Triple Lock, soaring energy costs and a Tory tax hike:

• A working pensioner earning £16,000 faces a real-terms reduction of £1,790.

• A working pensioner on the average salary for someone over 60 of £24,900 faces a real-terms reduction of £2,300.

• A working pensioner earning £40,000 faces a real-terms reduction of £3,200.

Labour is pressing the Government to urgently bring forward an Emergency Budget to tackle the cost of living crisis.

Rachel Hopkins MP said:

“The Conservatives are completely out of touch with the challenges facing retirees and working pensioners in Luton and the East.

“They have failed to tackle rising energy bills and prices while also scrapping the vital promises they made to pensioners in the 2019 General Election.

“Pensioners and retirees in our community deserve the security of a good pension and politicians that stick to their word. That’s what Labour are fighting for in Luton, the East and across the UK.”

Jonathan Ashworth, Shadow Secretary of State for Work and Pensions, said:

“Boris Johnson has abandoned his promise to help Britain’s retirees with the cost of living crisis.

“The Conservatives have broken the triple lock, just imposed the biggest real terms cut in the state pension for 50 years and clobbered working pensioners with more tax.

“Our retirees – who have contributed so much to our society – deserve better. Labour will stand up for pensioners and older people.”

ENDS

Notes to Editors:

• The 2019 Tory Manifesto promised to ‘keep the Triple Lock’ on State Pensions, ‘not to raise the rates of National Insurance’ and to ‘introduce new measures to lower energy bills’.

o “We will keep the triple lock”, page 16, Tory 2019 Manifesto

“We promise not to raise the rates of income tax, National Insurance or VAT”, page 15, Tory 2019 Manifesto

“For many families, energy costs are a major source of financial pressure. We will keep our existing energy cap and introduce new measures to lower bills”, page 15, Tory 2019 Manifesto Conservative Manifesto, 2019, https://www.conservatives.com/our-plan

• Analysis from the House of Commons Library, commissioned by Labour, shows the estimated income of working pensioners in receipt of the full state pension earning £16,000, £24,900 and £40,000 respectively. It shows:

o A working pensioner on a salary of £16,000 faces a real-terms reduction of £1,790 over the next two years.

o A working pensioner on the average salary for someone aged over 60 of £24,900 faces a real-terms reduction of £2,300 over the next two years.

o A working pensioner on a salary of £40,000 faces a real-terms reduction of £3,200 over the next two years.