According to No 10, ministers will re-examine the pensions triple lock and increase benefits in line with inflation over the next two weeks, after Rishi Sunak delayed the announcement of the government’s fiscal plans from October 31 to November 17. The Treasury has announced that the new date will be a full autumn statement, with Sunak telling his cabinet that more time was needed to do things correctly. The chancellor, Jeremy Hunt, said he had agreed to the delay with Sunak and that the statement would detail plans to reduce debt and a medium-term plan to grow the economy. Triple Lock Pension Latest News Today.
Sunak stated that “it is critical to make the right decisions, and there is time for those decisions to be confirmed with cabinet.” Sunak’s spokesperson, however, made no commitment to the triple lock on raising pensions, a Conservative manifesto pledge, or to increasing benefits in line with inflation, which Sunak committed to doing as chancellor.
Truss had previously committed to the triple lock – a guarantee that the state pension will rise every year by whichever is highest of inflation, earnings growth or 2.5% – after doubts were raised by Hunt about whether an inflation-linked rise would be possible. “That is something that is going to be wrapped up into the fiscal statement, we wouldn’t comment ahead of any fiscal statements or budgets,” she said. Sunak and Hunt have both stated that difficult spending decisions must be made, with departments facing potential double-digit spending cuts in order to show a path to closing the £38 billion black hole in public finances caused by recent market volatility. Rishi Sunak State Pension.
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Sunak’s spokesperson ruled out reinstating the national insurance increase, which Truss repealed, saying it would be difficult to halt now that it had been voted on in parliament. The spokesperson also confirmed that Liz Truss’ supply-side reform plans, which were aimed at eight areas including planning, the environment, and childcare and could have resulted in a new wave of deregulation, had been scrapped. Triple Lock Pension Latest News.
The new deadline means that the economic plans and OBR forecasts will not be available until the Bank of England’s monetary policy committee (MPC), which sets interest rates, meets on November 3rd. Hunt stated that he discussed the change of plans with the Bank’s governor, Andrew Bailey, and that he “understands the reasons for doing so, and I’ll continue to work very closely with him.”Stick N Lock.
It is the second time the date of the statement has been changed. It was originally announced by Kwasi Kwarteng for 23 November, but then brought forward under intense political and economic pressure to 31 October, in part in order to inform the MPC’s meeting. Bailey had previously welcomed the move to make the fiscal statement before the possible rates rise decision, calling it the “correct sequence”, and said it would be helpful to know the “full scope of fiscal policy by then”. It does indeed show how things are changing around the world.
