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Mike discussed the Government’s previous large amounts of spending during the pandemic. The Scotsman claimed that the Government had done “sod all” to help pensioners. Mike also told Nick Ferrari that he was having to now dip into his savings as he couldn’t cover his living cost with his state pension. Pensioners across the country are worried about the Government’s possible U-turn on the promise to triple-lock the state pension.
Mike from Perth told LBC: “Incandescent rage, that I can say… Just a second I can tell you.
“£4060b spent on, rightly so given to people during the pandemic, £10b spent, whether that was right I don’t know but spent upgrading pensioners universal credits.
“What did the pensioners get to help them through the pandemic? Sod all! Absolutely nothing.
“And yet when it came to a promise to triple lock in the manifesto…”
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Mr Ferrari added: “Yes I know, other promises have been broken, but that doesn’t make it right. But you are not alone with broken promises Mike.”
Mike from Perth said: “No, they promised it and what happened was 8 per cent is what we should have got.
“We got 3.1 per cent, yeah, and since then our pensions… I’m having to dip into my savings, but since then our spending power has depleted.”
Mr Ferrari added: “Well it has, and when you see the inflation going up as it did this morning… The figures did this morning, I’m afraid that again weakens the pound in your wallet or your purse or whatever it might be.”
READ MORE: UK inflation rate returns to 40-year high in huge blow for savers
Pensioners are set to be some of the worst affected people in Britain during the ongoing cost of living crisis.
Many were hopeful that the Government would stick to the triple lock promise that Liz Truss vowed to implement during her leadership campaign.
They are now worried that the Government may go back on the promise after Foreign Secretary James Cleverly failed to commit to delivering on their manifesto pledge.
There have also been demands for the British Government to raise benefits for other vulnerable groups, but Whitehall have yet to confirm a rise.
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David Denton, technical consultant at Quilter Cheviot said: “The government faces a difficult decision as Hunt steps in to balance the books.
“Pensioners will be hoping that the government honours its previous commitment to an inflation-based uplift next year as it will rely on the high figure released this morning.
“Not only would this result in a considerable pay rise for pensioners this year, but if the triple lock is then scrapped in subsequent years, they will at least have received this larger, potentially one-off, uprating.”
“Thanks to last year’s disappointing increase, pensioners will now be seeing their spending power rapidly swallowed up by soaring inflation and many will be struggling to make ends meet.
“Committing to the triple lock and keeping the inflation-based increase in place would provide a much-needed boost to pensioner income at a time when many are struggling.”
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