Age UK is calling for more financial assistance to be given to older people following the Chancellor’s Spring Budget on Wednesday. Jeremy Hunt outlined a plan focused on growing the economy and getting more disabled, older and unemployed people into work.
The Chancellor’s Spring Statement set out the “four pillars of our industrial strategy”, which are “enterprise, employment, education and everywhere” - but there was no additional support for pensioner households. The £2,500 Energy Price Guarantee is not rising until July, which is a win, but the monthly £66/£67 discounts which have been in place since October end this month.
There are now 12.6 million people claiming State Pension across Great Britain, some 9.7m on the Basic State Pension and 2.9m on the New State Pension. The Triple Lock means that those due the maximum New State Pension will receive £203.85 per week, some £815.40 each month (a four-weekly pay period), while those on the Basic State Pension will receive up to £156.20 each week (£624.80 each month), but the cost of living means that most of these payments will be used to cover housing and heating costs - and not everyone will be due the full payments and Age UK is “deeply concerned about how some older people will manage financially as they simply can't tighten their belts any further”.
