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Budget Resolutions and Economic Situation — Amendment of the Law

Part of the debate – in the House of Commons at 12:57 pm on 22nd March 2016.

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Photo of George Osborne George Osborne Chancellor of the Exchequer and First Secretary of State 12:57 pm, 22nd March 2016

Before I give way, let me say this about benefits to pensioners because it has been raised. People say to me that we are not saving enough from pensioners while, in the same breath, complaining about everything from long-term increases in the state pension age—to keep pace with rising life expectancy—to restrictions on the lifetime allowances for the largest pension pots. The truth is that we have made substantial savings from pensioner welfare—£500 billion of savings—which are vital to the long-term sustainability of our public finances, but we have made these savings in a way that enables us to go on giving people who have worked hard all their lives a decent, generous basic state pension. We committed to that in our manifesto, and I am not going to take it away from people.

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George Morley
Posted on 23 Mar 2016 4:09 pm (Report this annotation)

The truth is that we have made substantial savings from pensioner welfare—£500 billion of savings
But this saving is to the detriment of current pensioners who are deprived of any annual increases which would cost about £580 million and reduce these savings because we have consistently said that we cannot afford to do that and so the unconscionable freezing will continue.