British Prime Minister Rishi Sunak said he was committed to the government's mechanism for increasing state pensions even though it is likely to cost billions of pounds more than usual given high inflation.
  • Syldon@feddit.ukEnglish
    211·
    1 year ago

    Firstly, It has to be noted Sunak is doing nothing to tackle inflation. He is actively giving his donors free reign to fleece the population in many areas, energy being the most egregious. So the cost to the benefits system is firmly at the door of the Tories and their practises over the last 14 years.

    My personal belief is that all benefits should be triple locked. We should not be arguing for the lowest possible denominator, we should be looking at what is needed. Some pensioners need that payment as much as people need wages. Don’t buy into Tory rhetoric that another group should be suffering as much as you are. Get a proper and fair tax system up and running. Stop the Tory donations from corrupting our politicians. Rejoin the EU so businesses can function again. Give us voting reform so we can stop this ever happening again.

    • philluminati@lemmy.mlEnglish
      21·
      1 year ago

      The triple lock is unsustainable. After a 10% boost because of inflation they’re about to get an 8% boost due to wage rises at a cost of 2.2b to workers. During a decade of stagnation they got the 2.5% boost creating an unsustainable debt.

      We give more money to old people than defence, policing and education combined. You get less than 50% return on your taxes handed over.

      It’s just not sustainable. These are exactly the people who should be paying tax in a fair society. Rejoining the EU and taxing a few companies won’t suddenly reduce the problems we have, it’s stupid to even suggest it given the gravity of our situation. We have the highest taxes in 75 years, a student loan puts your tax rate to 63%. Boomers got paid to go to uni. Our debt obligation is practically where it was after the Second World War.

      People need wage rises to pay for housing that’s tripled in price since the 90s. Old people don’t have mortgages and they got help with their gas bills through other schemes… so why are you defending giving them 18% uplift when workers had to strike for just 6%?

      • Syldon@feddit.ukEnglish
        1·
        1 year ago

        The tory is strong in this one. You ofc can work out 10% inflation means 10% more tax income. Keep your stupid for GB news.

        • philluminati@lemmy.mlEnglish
          1·
          1 year ago

          Nothing in my post is pro Tory. Tories are for the Triple lock and I’m against it. You didn’t read my post, you didn’t understand my post. You just typed some rude shit in like a dumb fuck.

          • Syldon@feddit.ukEnglish
            11·
            1 year ago

            We cannot afford to give people what they need is a constant Tory theme. We cannot afford the NHS, social benefits, care for the disabled.

            You still cannot deny that 10% inflation should mean 10% extra taxes returned. And as such we can afford it. We could afford it even more if the well off paid a fair amount of tax or may be we stopped giving money to oil companies instead of actually taxing them.

  • AutoTL;DR@lemmings.worldBEnglish
    3·
    1 year ago

    This is the best summary I could come up with:

    LONDON, Aug 16 (Reuters) - British Prime Minister Rishi Sunak said he was committed to the government’s mechanism for increasing state pensions even though it is likely to cost billions of pounds more than usual given high inflation.

    “Of course the government is committed to its policy on the triple lock,” Sunak told ITV News on Wednesday when asked whether he would stick to the pledge despite the rate of inflation.

    “Now there is a statutory, a legal, process for determining the increase in pensions and benefits that happens in the autumn and that’s where those final decisions are made.”

    Data published earlier on Wednesday showed Britain’s headline rate of inflation dropped sharply to 6.8% in July but remained more than three times the Bank of England’s target.

    At the start of 2023 Sunak set himself a target of halving inflation this year, something which remains in the balance as price growth has proven more persistent than forecast.

    Last November, with inflation in double-digits, finance minister Jeremy Hunt decided to raise state retirement and welfare benefits payments in line with price growth at a cost of about 11 billion pounds ($14.02 billion).

    I’m a bot and I’m open source!