Triple lock scrap: Pensioners to lose £11k | Personal Finance | Finance

Whatever the decision made by the Chancellor, the smoothing over is likely to be a highly contentious issue in the months to come.

Not only will scrapping the triple lock break a Tory 2019 manifesto pledge, it is also likely to hurt some of the most vulnerable members of society, as well as push hard on the Government’s plans to recover economically from the coronavirus crisis.

Ian Browne of Quilter, an investment group, said: “The latest data suggest the Chancellor’s worst fears will become reality and he’ll either have to spend billions extra on the State Pension next year and forever after, or make a political challenging decision to tweak the triple lock or scrap it entirely.”

Steven Cameron, of pension provider Aegon, said: “If this trend continues, we could even it go into double figures, meaning if the triple lock is not fudged in some way, State Pensions could go up by more than 10 percent.”





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