State pension UK increase: Outrage as state pension to rise only by inflation | Personal Finance | Finance

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According to forecasts from the Bank of England, state pension payments are set to increase by the rate of inflation by the end of 2021, which will be the highest amount in ten years. Previously, the Government had assumed inflation would rise by 3.9 percent, however various crises resulting from soaring energy bills and living costs have forced the bank to change their estimates. Earlier this year, Chancellor Rishi Sunak announced a temporary pause on the triple lock, which sees state pension payments rise by either 2.5 percent, the rate of annual earnings or by the rate of inflation every year.

Despite this considerable increase to state pension payments, many Britons are warning the Government that this amount will not be enough in the face of rising bills. Reacting to the Bank of England’s inflation forecast, Express.co.uk readers are voicing their opinion on how the Government is handling state pensions. One reader, with the username HAL, said: “Waiting for the announcement that the double lock, which was the triple lock, will temporarily become the single lock. Four percent won’t be enough to even cover energy cost rises let alone food, council tax rises etc.”

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Another user named Snodgrass11 added: “Everything in the shops has gone up exponentially. This increase will not even cover the rises in food, gas and petrol. Pensioners should have got the raise they were promised. You can sugar coat it all you want, it won’t decry from the fact that pensioners are being used and abused by this lying Government.” Joining this train of thought is tonyf1, who said: “I would love to see any of these MP’s live on the state pension. What would be good to see is any MP live for just one month of the state pension. They have no idea what the average pensioner lives on, and what’s more, they don’t care.”

A reader named Notagainandagain explained: “Well my gas has gone up, my electric has gone up, my car fuel has gone up, my shopping has gone up, my water rates have gone up, and my council tax is just about beyond my means now. So any increase in the pension, no matter how large, is straight back to the Treasury, just as they planned. Unlike the politicians who just vote their own obscene expenses up. One reader with the name sami7 added: “It won’t be much then. As one of the lowest pensions out there, a significant rise will no doubt be equivalent to a few measly quid extra a month.

“Both pensions and the living wage need to rise considerably and the insulting minimum wage should be removed completely. The high rise in domestic bills alone, many actually doubling in price, is going to be crippling for many families..another thing the government refuses to cap despite the huge profits energy companies make. They don’t give a damn as it doesn’t affect them. Very much a case of ‘I’m alright Jack, pull up the ladder’. Bloody disgusting.”

Express.co.uk reader coxalla said: “This so-called huge rise is nothing compared to the expected rises in gas, electricity, council tax, petrol, food etc. “It will not ensure that some pensioners can eat and keep warm which is a basic right surely. “The Chancellor will make sure he gets it back in VAT on costs, increased National Insurance and PAYE. Still if the students have to pay back loans at a lower level, I have no doubt they will complain and blame older people that couldn’t afford to go to university and have worked all their life to pay for their pension. I am ashamed of the way older people are treated nowadays. No respect, no courtesy and an atmosphere where you feel we should all die when we get too old to work.”

Further confirmation of the rate of inflation and potential rise on state pension payments is likely to take place at Mr Sunak’s next Budget review. The Treasury has confirmed that this is set to take place on October 27, 2021.





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