TUC urges govt to reinstate triple lock for 2022/23

The Trades Union Congress (TUC) has called on the government to reverse its decision to suspend the state pension triple lock ahead of the Chancellor’s Spring Statement.

Research from the union body found that the decision to suspend the triple lock could cost pensioners almost £500 a year.

In April, the state pension will increase by 3.1 per cent, instead of the 8.3 per cent under the triple lock formula, reducing state pension income by £487 a year for people on the full state pension and by £373 a year for those on the full basic state pension, according to the TUC.

The TUC noted that, since the decision to suspend the triple lock was taken, inflation has increased and is now expected to exceed 8 per cent this year.

The union body warned that pensioners could be forced into poverty by rising fuel and food costs unless the government commits to reinstate the triple lock.

It called on ministers to reinstate the pensions triple lock for 2022/23 and urged the government to reduce household costs by introducing a windfall tax on energy companies and use the funds to provide energy grants that at least match future rises in the energy price cap, and by rolling out a rapid programme of house insulation.

TUC general secretary, Frances O’Grady, commented: “The UK has one of the least generous state pensions in the developed world.

“The triple lock was introduced to close this gap and lift pensioners out of poverty. Abandoning it in the middle of a cost-of-living crisis will leave thousands of pensioners struggling to keep their heads above water.

“With households across Britain pushed to the brink by skyrocketing bills, this is the worst time for the government to be cutting pensioners' incomes.

“Reversing the decision to suspend the triple lock is one step it must take. But ministers must also protect households from being forced into poverty by rising bills.

“That means imposing a windfall tax on oil and gas profits and using the money raised to give hard-pressed families and pensioners energy grants – not loans.”

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