Revealed: Tory cuts cost pensioners £520 in 2022

New analysis reveals that almost one million Scottish pensioners have been directly impacted by the Tories’ pensions cut.

Here’s a quick summary.

Pensions triple lock: a Tory broken promise

In their 2019 manifesto, the Tories promised to keep the ‘triple lock’ on pensions – which guaranteed that pensions would rise each year by the greatest of 2.5%, average earnings growth, or inflation.

They have now broken that promise, just as rising living costs hit hard – with energy bills, petrol and food all getting more expensive.

Source: ITV News | 7 September 2021

£520: The price pensioners pay for Tory cuts

Following Rishi Sunak’s decision to scrap the triple lock in the latest UK Budget, pensioners will lose £520 this year alone, and a cumulative £2,600 over the next five years.

Source: The Times | 27 October 2021

Pensioner poverty: on the rise under the Tories

The UK government’s own statistics reveal in plain sight how UK pensioner poverty had risen to a 15 year high under Tory rule.

2.1 million pensioners in the UK are living in poverty – and there’s been an increase of 200,000 since 2018/2019.

While the Tories enrich themselves and their cronies, older people, working families and young people are struggling.

Source: Financial Times | 28 June 2021

UK state pension: least generous in North West Europe

Research conducted by the House of Commons Library in 2021 confirmed that the UK has the least generous state pension out of all neighbouring countries.

Independent countries in Europe, of similar size to Scotland – such as Ireland or Denmark – have significantly higher pensions, as well as lower levels of poverty and inequality.