Stephen Morgan MP has attacked the Conservatives as 1,685,151 working pensioners in the South East are set to be an average of £2,300 worse off over the next two years because of three broken Tory manifesto commitments.
In their 2019 General Election manifesto, the Tories 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’.
Since then, the Tories have 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 – who are uniquely hit by all three of these broken Tory manifesto commitments – are set to be an average of £2,300 worse off over the next two years.
It shows working pensioners in the South East will see real-terms reductions in their incomes over the next two years from the broken Triple Lock, soaring energy costs – captured by spiralling inflation – 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 reiterating its call on the Government to bring forward an Emergency Budget to urgently tackle the Tory cost of living crisis.
The Member of Parliament for Portsmouth South, Stephen Morgan, said:
“The Tories are totally out of touch with the challenges retirees and working pensioners are seeing in Portsmouth.
“Not only have they failed to offer real help with soaring energy bills and rising prices, but they’ve also shown a blatant disregard for the commitments they made to pensioners in the last general election.
“Pensioners and retirees in our city deserve the security of a good pension and the respect of politicians, not broken promises. That’s what Labour will continue to fight for, in Portsmouth and around the country.”
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.”
