Triple Lock: Conservatives look set to have raided pensioners in the New Forest of £27 million in just three years
- Failing to properly implement the triple lock in 2024 could result in a hit of around £3 million for the New Forest's pensioners next year alone
- This comes after pensioners suffered a major cut in 2022 when the government opted not to uprate the state pension in line with earnings, instead using CPI
The Conservative government is reportedly set to break the triple lock once more by not uprating fully in line with earnings, instead they will exclude bonuses meaning that pensioners will receive a 7.8% rise in the state pension, not the 8.5% the triple lock should guarantee them.
Liberal Democrat analysis has estimated that this would amount to a £2.98 million cut for New Forest pensioners. It comes on top of an even bigger hit that pensioners suffered in 2022 when the government did not uprate pensions in line with earnings as the triple lock prescribes. Instead, they uprated by a lower measure, CPI inflation.
The effect of both cuts since 2022 could result in an eye-watering hit for New Forest pensioners of £27 million over three years. That equates to a £551.76 cut for each of the New Forest's pensioners.
It comes as the Liberal Democrats have been the only major party to commit to the triple lock in full ahead of the next General Election.
Liberal Democrat candidate for New Forest West, Jack Davies, said:
“To row back on the triple lock would be another in a long list of callous Conservative party broken promises.
"Pensioners in the New Forest need to be rewarded for their decades of contributing to our society, not be forced to suffer this Conservative government turning their back on them once again, right in the midst of a cost of living crisis.
"The triple lock must be maintained and New Forest pensioners must be given the money that they deserve after their years of service. Instead, this out of touch Prime Minister looks set to punish them for his own party crashing the economy."