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Clause 1 — Equalisation of and increase in pensionable age for men and women

Part of Concessionary Bus Travel (Amendment) – in the House of Commons at 4:48 pm on 18th October 2011.

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Photo of Alok Sharma Alok Sharma Conservative, Reading West 4:48 pm, 18th October 2011

What the hon. Gentleman has said is interesting, given that when the Labour party was last in power, it did not really bother about saving for tomorrow. This is what his predecessor said when the point was raised in Committee:

“this is outside the period of the comprehensive spending review and the budget deficit reduction plan.”—[Official Report, Pensions Public Bill Committee, 5 July 2011; c. 8.]

As the hon. Gentleman knows, we are not going to suddenly stop spending and raising money after the budget deficit has gone. If we keep making unfunded pension commitments, that will add to the deficit and the debt in the future.