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Clause 2 - Personal allowance for 2013-14 for those born after 5 April 1948

Part of Finance (No. 2) Bill – in a Public Bill Committee at 4:30 pm on 23rd April 2013.

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Photo of David Gauke David Gauke The Exchequer Secretary 4:30 pm, 23rd April 2013

The hon. Lady has the tax impact and information notes and she quotes from them, but that has to be put into context. One has to look at all the policies in the round, and, in particular, at the largest ever cash increase to the basic rate pension of 5.2%, which we saw in 2012. That increased by around £120 a year more than under previous Governments. The previous Government’s policy was to uprate by earnings. That is the effect of the triple lock guarantee: £120 a year more for pensions than would have been delivered had we stuck with the policy that we inherited. From April 2013 the basic rate state pension will be raised again by 2.5% to £110.15 per week, thanks to the triple lock.