New analysis from the Labour Party of figures from the Bank of England has revealed a pension worth £6,930 thirteen years ago will only see a very marginal increase to £6,934 by next March. Based on prices in 2022, that is down by £462 on April this year as soaring inflation – which recently surged to 9.4 percent – eats away at retirement income. Shadow Work and Pensions Secretary Jonathan Ashworth said: “Having promised at the general election to help pensioners with the cost of living, the Conservatives then broke the triple lock.
“That means the State Pension has been slashed in real-terms and pensioners face hardship. They deserve so much better.”
Mr Ashworth also took to Twitter to launch a furious attack against the Conservative Party.
He has called for “urgent action to help our retirees” as household energy bills soar and inflation continues to surge.
The Shadow Work and Pensions Secretary wrote: “The Tories have betrayed Britain’s pensioners.
“Pensioners will only be 8p a week better off than they were in 2009 because of soaring inflation.
“With energy bills rocketing further and inflation ravaging savings we need urgent action to help our retirees.”
In April, pensioners received a rise of 3.1 percent – increasing the basic pension total to £141.85 a week.
Overall, its value has jumped from £7,155.20 in 2021 to the current total of £7,376.20 a year.
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But Labour has torn that claim apart and described it as a “smokescreen” so the Treasury could pocket the savings.
Dennis Reed of campaign group Silver Voices, the membership organisation for senior citizens in the UK, warned older people “have nowhere to turn with winter around the corner”.
He also claimed “pensioner poverty will spiral out of control” and wants Tory leadership candidates Mr Sunak and Ms Truss to commit to a £200 a week minimum pension guarantee and reintroduce free TV licences to the over 75s.
Mr Reed said: “These figures disprove the notion that older people are better off’ than most in facing the cost of living crisis..
“Older people have nowhere to turn with winter around the corner, and pensioner poverty will spiral out of control.”
A Department for Work and Pensions spokesperson said: “The full yearly amount of the basic State Pension is now over £2,300 higher than in 2010 and there are 400,000 fewer pensioners in absolute poverty after housing costs.”