Rishi Sunak is under fire for a’scandalous’ pension grab.
The Government’s £4.4 billion tax attack on elderly miners’ pensions, according to RISHI SUNAK, is “scandalous” and the “wrong” idea.
Pensions have risen to the top of the government’s priority list in recent weeks, as Chancellor Rishi Sunak looks to shake things up. According to reports, Mr Sunak may temporarily lift the pension triple lock this year in order to avoid a £3 billion uprating bill for the Treasury. Mr Sunak hinted at a shift last week, citing the Office for Budget Responsibility’s prediction that a post-lockdown rise in pay growth will result in an eight percent increase in the state pension next April.
The preservation of the pension triple lock was a pledge made in the Conservative Party’s 2019 manifesto, therefore a suspension could enrage people.
Another government pension proposal provoked outrage last month.
Retired miners had £4.4 billion stolen out of their pockets in a “unjustified” raid, according to Labour.
In 1994, the Mineworkers’ Pension Scheme was privatized.
The Treasury received half of the fund’s surplus value as part of the agreement.
Around 152,000 people are enrolled in the plan, with an average weekly pension of around £84.
According to a report by MPs, the Government was expected to receive roughly £4 billion in today’s money when the fund was privatized, but the payout has risen to £4.4 billion.
In what the cross-party Business, Energy and Industrial Strategy committee branded a “historic injustice,” the government is also set to gain at least another £1.9 billion on top of the 50% off any future surpluses.
During the 2019 general election, Prime Minister Boris Johnson committed to take action on the issue.
Last month, Ed Miliband, the Labour Party’s leader, blasted the government and promised that his party would ensure that miners receive the pensions they deserve.
“It’s outrageous and shameful that the Conservative Government set up an arrangement that was an unfair drain on miners’ pensions,” he said. It is past time for the government to take action to correct this historic error.
“Labour would do the right thing by ensuring that miners receive the pensions to which they are entitled, including repaying £1.2 billion to retirees and their families.
“Labour is fighting for retired miners and their families to receive justice. It is the moral and just thing to do to return this money to those who deserve it. We demand that the government take action.”
It was rumored earlier this month that Chancellor Sunak had resigned. “Brinkwire News in Condensed Form.”