1,176,763 people in employment aged 66 and over in the South West 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 West 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.
Karin Smyth, MP for Bristol South, said:
“As retirees and working pensioners in Bristol South face increasing challenges as the cost of living crisis worsens, the Tories have shown themselves to be totally out of touch and out of ideas.
“Boris Johnson has abandoned his manifesto pledge from the last general election to support pensioners and has instead imposed the biggest real terms cut in the state pension for 50 years, whilst simultaneously hitting working pensioners with more tax.
“Pensioners and retirees in Bristol South – who have contributed so much to our society – deserve the security of a good pension. I will continue to stand up for pensioners and older people in Bristol South and call on the Tory Government to do more to support people through the cost of living crisis.”