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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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Delivering decent pensions in Bridgend
December 22, 2011 8:08 PM
By Peter Black in Glamorgan Gazette
By Peter Black in Glamorgan Gazette
In the Westminster Autumn Statement last month the Chancellor of the Exchequer announced that, as of April 2012, the basic state pension will increase by £5.30 per week, the largest ever cash increase for pensioners.
Due to Liberal Democrat influence a clause was put into the coalition agreement that every pensioner should get a guaranteed rise in their state pension according to a set formula.
This means that this year 31,080 people in Bridgend will get a rise of £5.30 a week, totalling £8,565,848 of extra money for the local economy..
The Liberal Democrats have restored the link between the basic State Pension and earnings broken by Thatcher. Labour had thirteen years to do it themselves and did nothing.
The 'triple lock guarantee' means that the basic State Pension will increase by whichever is the highest of earnings, consumer prices or 2.5%. The earnings link alone will give the average pensioner an extra £15,000 during their retirement.
Many pensioners will remember the pitiful rise in the state pension of 75p under the last Government, which many found insulting. This new flat rate will particularly benefit women and will ensure future pensioners have the guarantee of a decent future, something the Liberal Democrats have been campaigning on for years and are now delivering in Government.
When combined with the policy of taking anybody earning less than £10,000 out of tax altogether by the end of this Parliament, it is evident that the Conservative Liberal Democrat Coalition are committed to helping the worse off in our society.
Tax changes, which are also coming into place in April, will mean that 50,000 Welsh workers will no longer have to pay tax and will reduce the tax bill of 1.2 million others. In addition, child tax credits have been increased for 100,000 Welsh parents on low incomes.
At such a difficult time, when many families are struggling to make ends meet, the Government is doing what it can do to help whilst still trying to get spending under control.
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