619,368 people in employment aged 66 and over in Wales are set to be an average of £2,300 worse off over the next two years because of three broken Tory manifesto commitments.
In their 2019 General Election manifesto, the Tories promised to ‘keep the Triple Lock’ on State Pensions, ‘not to raise the rates of National Insurance’ and to ‘introduce new measures to lower energy bills’.
Since then, they have made the biggest real-terms cut to the State Pension in fifty years, hiked taxes and allowed energy bills to soar out of control.
New analysis from the House of Commons Library shows that working pensioners – who are uniquely hit by all three of these broken Tory manifesto commitments – are set to be an average of £2,300 worse off over the next two years.
It shows working pensioners in Wales will see real-terms reductions in their incomes over the next two years from the broken Triple Lock, soaring energy costs – captured by spiralling inflation – and a Tory tax hike:
- A working pensioner earning £16,000 faces a real-terms reduction of £1,790.
- A working pensioner on the average salary for someone over 60 of £24,900 faces a real-terms reduction of £2,300.
- A working pensioner earning £40,000 faces a real-terms reduction of £3,200.
Labour is reiterating its call on the Government to bring forward an Emergency Budget to urgently tackle the Tory cost of living crisis.
Chris Elmore, MP for Ogmore, said:
“The Tories are totally out of touch with the challenges retirees and working pensioners in Ogmore are facing as the cost of living crisis continues to impact people’s lives.
“Not only have the UK Tory Government failed to offer any meaningful support with soaring energy bills and rising prices, but they’ve also shown a blatant disregard for the commitments they made to pensioners in their manifesto in the last general election.
“Pensioners and retirees in Ogmore deserve the security of a good pension and the respect of politicians, not broken promises. That’s what the Labour Party will continue to fight for, in Ogmore and around the country.”