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UK’s Sunak Considers Annual Pension Increase Limit – Sunday Times

 


British Treasury Secretary Rishi Sunak is considering blocking an increase in old-age pension payments by close to 6% as part of a broader effort to curb spending by Prime Minister Boris Johnson, the Sunday Times newspaper reported. .

Under the pension promises of the Conservative Party’s 2019 election campaign, the state pension will be increased by the highest inflation rate, wage growth, or 2.5% each year.

Due in part to the distortions of the coronavirus pandemic, annual wages from March to April will increase by 5.6% per year, resulting in an additional £4 billion ($5.5 billion) per year in future pensions.

The Sunday Times said the Treasury wanted to break the link between pensions and wages for a year.

“The pensioners will do very well,” said an unnamed minister for the paper. “It’s not that difficult politically to smooth it out for a year.”

The Sunday Times said Sunak was too worried about the potential cost of £5 billion a year for the elderly social welfare plan to be discussed later this week, plus the extra cost of a new government yacht boosting UK exports.

An anonymous official has been cited for describing financing the yacht as “a complete and complete shit show.”

A spokesperson for the British government said on the report that “the Prime Minister and Prime Minister are working closely together and are stuck in one of the most difficult times any government has faced since World War II”.

“We always ensure that all government spending provides value for money to taxpayers.”

Sunak said in a television interview on Wednesday that the pension would be reviewed at the end of the year. read more

The British government borrowed £300 billion last year, equivalent to 14% of gross domestic product, the most since World War II.

Sunak has repeatedly said he wants to put public finances in a more sustainable position as the economy recovers amid concerns about rising interest rates.

The Sunday Times said Sunak was opposed to raising the capital gains tax. The government has already promised not to raise key tax rates on income tax, national insurance and value-added tax, limiting its ability to increase income.

($1 = 0.7242 pounds)

Report by David Milliken; Edited by Daniel Wallis

Our Standard: The Thomson Reuters Trust Principle.

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