Is the pension triple lock finished? Rishi Sunak makes new bid to balance budgets
RISHI SUNAK is keen to suspend the pensions ‘triple lock’ to help pay for the economic crisis caused by coronavirus according to a new report.
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The Chancellor is also said to be considering a public sector pay freeze, though NHS workers may be exempt, and a freeze on benefits. Britain’s economy shrunk by 20.4 percent between April and June as COVID-19 forced the country into lockdown.
This came on top of a 2.2 percent economic reduction in the first three months of the year.
As COVID-19 cases surge again new restrictions have been placed on around 20 percent of the population whilst there are renewed fears of a second national lockdown.
According to the Mail on Sunday Mr Sunak is examining a benefits and public sector pay freeze to help reduce the damage.
The paper reports he is also trying to persuade Boris Johnson to end the ‘triple lock’ protection on pensions.
Rishi Sunak is considering an end to the pensions triple lock
Freezes on public sector pay and benefits are also being considered
Under the triple lock pensions increase each year in line with either average earnings growth, average price growth or 2.5 percent, whichever is highest.
With unemployment expected to rocket as the coronavirus furlough scheme is wound down there are fears this is no longer affordable.
By one estimate the number of unemployed could rise to 4.5million in 2021.
However ending the triple lock on pensions would be a clear violation of the Conservative Party’s 2019 election manifesto.
Unemployment could rocket to 4.5 million in 2021
Speaking to the Mail on Sunday a minister said: “Rishi has been absolutely adamant in private that he will have to be able to balance the books after this is all finally over.
“Hospitals and schools will be protected, but something has to give somewhere.”
From 28 September it will be illegal for people to fail to self-isolate if they are diagnosed with coronavirus, or traced as a contact of someone who is, in England.
Those who violate this law will be fined £1,000, increasing for each offence up to a maximum of £10,000.
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