The Chancellor said the triple lock meant the state pension would rise by £900 this year – more than double inflation
The Chancellor said the triple lock meant the state pension would rise by £900 this year – more than double inflationThe Resolution Foundation, an economic think tank focused on living standards, said pensioners were the biggest losers from the Budget as they missed out on tax cuts for workers. would hand a £900 boost to the average worker , the Budget would “cut incomes for pensioners by £770”.
The think tank said this would result in a collective hit of £8bn for pensioners – who will not benefit from the NI cut since they do not pay the tax. However, Mr Hunt rejected the think tank’s analysis on Friday, saying it contained “some glaring omissions”. “But how do we pay for things like the triple lock? From a growing economy – which the national insurance cuts deliver,” he said.“Cutting taxes on work works for everyone. More growth more jobs, higher state pensions more money for the NHS and public services.”