The Department for Work and Pensions (DWP) has shared key financial measures that the UK Government has in place to help prevent older people from living in poverty in later life, following a query from Labour MP, Rachael Maskell.
Pensions Minister, Alex Burghart, explained that the UK Government is “committed to action that helps to alleviate levels of pensioner poverty” and said more than £134 billion is forecast to be spent on benefits for people of State Pension age over 2022/23. This amounts to 5.4% of GDP and includes spending on the State Pension which is forecast to be over £110bn in 2022/23.
Mr Burghart also highlighted how the full yearly amount of the basic State Pension has risen by over £2,300 since 2010. He also said: “The [UK] Government has committed to implementing the Triple Lock in the usual way for the remainder of the Parliament.”
