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Triple Lock On Pensions To Go !

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mikey4444 | 19:19 Fri 21st Apr 2017 | News
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There are distinct rumours that Mrs May is thinking of ditching the triple lock on pensions, as well as ditching the 2015 Tory manifesto pledge not to raise income tax, national insurance or VAT.

So, we could be looking at a future Tory government, where the value of your pension will go down, at the same time as taxes go up.

Vote Tory...get a double whammy !

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We 'Coffin dodgers' had better look out then.
I've had a suspicion that once (If) May wins a substantial majority there will be a lot more U turns!
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This time next year Eddie, I will be on the cusp of being a coffin dodger as well !
Can you explain to me what the triple lock is. I don't really know what it means.
Hammond will do as he is told.
Tilly, the theory was that tax, NI and VAT rates wouldn't rise. It was in the Tories' last election manifesto, but probably not in the one ahead of this election.
Tilly, annual rises in the state pension are decided by whatever is the highest of price inflation, average earnings growth, or 2.5 per cent at present - the policy that's popularly known as the triple lock. I would be surprised if she dropped it, she needs our support.


Tilly, I believe that the pension triple lock aims to keep the state pension above the rate of inflation, in line with average earnings and to give an increase not below a certain amount (% of pay average increase) whichever is the greatest. Something like that anyway. I'm sure I'm not exact here.
Sorry Ladybirder, you weren't there when I posted my answer!
The triple lock is that that pensions will always increase by the highest of (a) rate of inflation, (b) average earnings (c)2.5%
NI and Income tax no longer worry us 'Coffin Dodgers' but I am wondering what will happen with VAT.
I asked a day or two back what we thought would happen to VAT once we are out of the EU.
I am old enough to remember how loathed and despised it was when we were forced to introduce it as a condition of joining the Common Market! I think there were actually protests on the streets!
Income Tax worries this coffin dodger EDDIE!
Thank you. Now I know.
Mikey says that there are distinct rumours that Mrs May is thinking of 'ditching' these items, but unless I've missed it there id nothing in the article to say so. it is Ahmed and his interpretation what is causing the rumour.
The country is living beyond its means. The tax take is already far too high and that is because public spending is far too high. Something has to give. Either spending must be cut or taxes must rise. Since most people (but excluding me) think the level of public spending must not be allowed to drop, that only leaves the other option.

It's not at all clear that the pensions triple lock will be abandoned but Mrs May is making noises to suggest it will. The 0.7% rule on Overseas Aid is obviously not up for grabs - it's far more important to provide Aid to foreigners than it is to protect UK citizens' pensions.

Labour's answer, of course, will be to "soak the rich" (which, historically has always resulted in less revenue being raised) and to continue spending as if there is no tomorrow (which for them there usually isn't). This will result in the usual bankruptcy that traditionally follows a few years of Labour rule. and we'll be back to square nought.
The reds fatten us up and the blues get us lean and fit again.

There must be a third way. :)
Mikey, when does coffin dodgery kick in?

Hoping for a biiiig number. :)
DAVEMANO, from another site, "Asked about [the triple lock guarantee]during a factory visit in her Maidenhead constituency, Mrs May replied: 'What I would say to pensioners is, just look what the Conservatives in government have done.

'Pensioners today are £1,250 better off as a result of action that has been taken. We were very clear about the need to support people in their old age, and that's exactly what we've done.' Hardly a strong indication it will be maintained, eh?
'Pensioners today are £1,250 better off as a result of action that has been taken.'

It would be interesting to learn how Mrs May justifies that figure.
You become a 'coffin dodger' when you reach retirement age, 65 for us males at the moment. I got my pension in January 2016.

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