Abandoning the 2019 Conservative Manifesto commitment to the triple lock on state pensions for the second year in a row could leave 12,000 pensioners in Luton South £890 worse off on average, according to new analysis published today.
New analysis from the House of Commons Library, commissioned by Labour, shows that pensioners in Luton South face an average cut of £404.67 in 2023/24 if the Conservatives’ manifesto commitment to the triple lock is broken again when pensions are uprated in April 2023.
The loss is even larger when considering what the state pension would have been had the triple lock not already been broken in 2022. Taking this into account, pensioners in Luton South could be £893.18 worse off overall, compared to what the state pension would have been if the triple lock were applied in 2022 and 2023.
Commenting on the figures, Rachel Hopkins MP, said:
“The last 12 years of Tory economic mismanagement have left us with a weak economy and a cost-of-living crisis. Pensioners are struggling with soaring food, energy and petrol costs, and the government is missing in action.
The only reason they’re even considering spending cuts and not protecting the triple lock is because they’ve crashed the economy. While the Tories look to everyone but themselves to bear the consequences of the mess they’ve created, Labour is clear: we will offer the leadership and ideas Britain needs to fix the economy and grow it in the interests of pensioners and working people.”