Sunak refuses to make pensions triple lock election commitment

PM says he will not speculate over policy as he grapples with how to fund tax cuts demanded by Tory MPs

Rishi Sunak has refused to commit to keeping the pensions triple lock in the next Conservative manifesto, as he grapples with how to fund tax cuts demanded by his own MPs.

The prime minister told reporters during the G20 summit in Delhi that the triple lock – which guarantees that pensions will rise by at least 2.5%, and by either inflation or earnings if they are higher – remains government policy.

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UK’s LGBTQ+ community ‘more likely’ to face real hardship in retirement

Data shows 44% at risk of struggling to afford food and heating after leaving workplace

Close to half of individuals who identify as LGBTQ+ are heading for a retirement where they are at risk of struggling to afford such basics as food and heating, according to new UK data.

Looking across various measures including amounts saved and pension scheme membership, researchers concluded that members of the LGBTQ+ community were “far more likely than the general population” to struggle in retirement.

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Ministers reportedly scrap plan to bring forward rise in UK state pension age

Falling life expectancy and fears of voter unhappiness thought to be behind rethink about increase to 68 late next decade

Ministers have reportedly delayed plans to bring forward a rise in the state pension age amid falling life expectancy in the UK.

The state pension age, which is currently 66, was due to rise to 68 after 2044 but reports earlier this year suggested ministers had planned to bring the increase forward to between 2037 and 2039.

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NHS workers expected to be offered one-off payments worth up to 6% as part of revised pay offer – UK politics live

Health secretary expected to announce a formal pay offer to key unions later today

Sinn Féin’s US fundraising arm has caused a row by calling for a referendum on Irish unity in adverts in the New York Times, Washington Post and other US publications.

The half-page ads were paid for by Friends of Sinn Féin and ran on Wednesday urging support for unity referendums in Northern Ireland and the Republic of Ireland. “It is time to agree on a date,” it said. “Let the people have their say.”

They’re ads from Irish American organisations whose view on reunification is well known and held for a very long time and they take out ads every year. So, the focus now needs to be on getting back to work [at Stormont].

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Jeremy Hunt defends pensions giveaway as Labour vows to scrap it

Shadow chancellor says decision to axe lifetime allowance is ‘wrong priority at the wrong time for the wrong people’

The Labour party has vowed to reverse the chancellor’s £1bn budget pensions tax “gilded giveaway” for the wealthiest 1% if it wins the next general election, as Jeremy Hunt defended his decision to scrap the lifetime pensions allowance.

The shadow chancellor, Rachel Reeves, said Labour would seek to force a Commons vote next week on the decision, which critics argue will allow the wealthiest people to put a limitless amount into their pension pots, which can then be passed on to their heirs without paying inheritance tax.

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Jeremy Hunt is helping rich instead of helping people into work, says thinktank

IFS says budget pensions giveaway could open up loophole for avoidance of inheritance tax

Jeremy Hunt’s huge pensions giveaway for the wealthiest 1% may have no impact on increasing the number of people in work, while opening a loophole for avoidance of inheritance tax, a leading economic thinktank has warned.

The Institute for Fiscal Studies said the surprise measure in the chancellor’s budget “probably won’t play a big part, if any” in increasing the number of people in work.

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Budget pension shake-up is £4bn tax giveaway for wealthy, critics say

Jeremy Hunt criticised for scrapping lifetime allowance and increasing annual contribution cap

The chancellor has been accused of unveiling a £4bn tax giveaway that will benefit the wealthiest people in the UK by dramatically increasing how much they can stash away in pensions while enjoying the full tax benefits.

Jeremy Hunt announced a major shake-up of the rules governing how much people can pay into their retirement pots, which will have no impact on the vast majority of the population but could lead to huge gains for the top few per cent of wealthy, older pension savers. Labour claimed it was a handout for “the richest 1%” and that someone with a £2m pension pot would pay up to £275,000 less in tax as a result.

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Starmer ‘should bring in workplace pension for the self-employed’

Fabian Society also says Labour needs to be radical and introduce better provision for the lowest paid

Sir Keir Starmer should promise that a future Labour government would introduce a new workplace pension for self-employed workers and more generous retirement provision for the low paid, a leading left-of-centre thinktank has said.

Calling for the biggest shake-up of the pensions’ system in two decades, the Fabian Society said Labour needed to copy the radical approach of the Turner Commission two decades ago, which encouraged saving through opt-out schemes.

Increasing the minimum contributions for workplace auto-enrolment pensions to 12% of total earnings from the current 8%. This would be done by phasing in higher contributions from employers over time.

The introduction of new pension credits for carers, who are primarily women, to reduce the “gender pensions gap”

Changes to how people access pensions at retirement so that separate pensions are automatically consolidated into a single fund and then converted into new whole-of-retirement pension plans designed to increase with inflation.

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Suella Braverman replaced by Grant Shapps; Labour motion calling for fracking ban fails – live

Home secretary departs after sending an official document by personal email but uses resignation letter to criticise PM

Plans to create Great British Railways, a public sector body to oversee Britain’s railways, have been delayed, MPs have been told.

Anne-Marie Trevelyan, the transport secretary, told the Commons transport committee that the transport bill, which would have set up the new body, has been delayed because legislation to deal with the energy crisis is being prioritised. She said:

The challenges of things like the energy legislation we’ve got to bring in and various others has meant that we have lost the opportunity to have that [bill] in this third session.

What we are continuing to pitch for will be what I would call a narrow bill around the future of transport technologies, the legislation around things like e-scooters.

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Poorer families risk £1,000 hit from earnings-related benefits rise

Below-inflation rise would save exchequer tenth of £40bn to be given out through tax cuts, says thinktank

If the government raises benefits in line with earnings rather than inflation next year, it would drastically cut the incomes of poorer working-age families, while saving less than a tenth of the cost of recent tax cuts, a leading economic thinktank has calculated.

Such a change, which would mean a significant real-terms cut given that wages are rising at 5.5% with inflation close to 10%, could see the effective income of some families reduced by up to £1,000 a year, the Resolution Foundation said.

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Environment Agency pension fund criticised for owning stakes in UK water firms

Campaigner Feargal Sharkey says profiteering from firms that dump raw sewage into rivers an ‘obscenity’

The Environment Agency’s pension fund owns stakes in a string of British water firms – despite the watchdog calling for industry bosses to be jailed over shocking pollution levels, the Guardian can reveal.

An analysis of the Environment Agency Pension Fund’s investments shows it holds shares or bonds worth £28m in six of the largest water companies.

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The chancellor’s position on lifting the state pension makes no sense | Nils Pratley

Sunak’s attempt to make a distinction between increases in pensions and wages fuels a sense of political favouritism

The government has got itself into a fine muddle on the triple lock pension guarantee, David Cameron’s gift-cum-bribe to older voters in 2010 that has ricocheted down the years. On the one hand, Boris Johnson and Rishi Sunak argue that awarding inflation-matching pay rises to public sector workers would risk an “inflationary spiral” and so should be avoided. On the other, the chancellor maintains that lifting the state pension by 10% – the figure likely to be produced by the triple lock formula – wouldn’t create inflationary pressures.

The position makes no sense. Income increases, whether delivered via pension payments or pay packets, all contribute to aggregate demand and spending capacity. Sunak’s attempt to make a distinction – “pensions are not an input cost into the cost of producing goods and services we all consume so they don’t add to inflation in the same way,” he said – only fuelled the sense of naked political favouritism. Teachers, to alight on the next bargaining battleground, aren’t manufacturing soap suds either.

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‘You’re not snowflakes’: baby boomers answer gen Z’s biggest questions

It can feel as if the generation gap is wider than ever – but not when people really talk. Here, four sixtysomethings offer advice to those in their teens and 20s

We live in an era in which, for the most part, the generations do not mix frequently. Grandparents are visited occasionally; young people seek the freedom of independent living as early as possible. On social media, intergenerational warfare is commonplace, as members of gen Z (those born between the mid-90s and the early 10s) criticise older people for hoarding wealth, while baby boomers bemoan the perceived sensitivity of the younger generation.

But what would happen if baby boomers gave the TikToking young adults of today an insight into their thinking – and threw some life advice into the bargain? To that end, we assembled a panel of baby boomers – Tayo Idowu, 64, a marketing director from London; Liz Richards, 68, a retired nurse from Derby; Paul Gibson, 63, an accountant from Arundel, West Sussex; and Maggie Tata, 65, a carer from London – to answer gen Z’s questions (even the tongue-in-cheek ones).

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Disability charity boss jailed after stealing from pension fund

Patrick McLarry sentenced to five years for defrauding scheme of more than £250,000

The former head of a charity has been jailed for five years after he admitted defrauding a pension scheme for workers with disabilities and using the money to buy houses in England and France.

Patrick McLarry took more than £250,000 from the pension scheme of Yateley Industries for the Disabled and used it to buy homes for himself and his wife and pay off a debt for a pub lease.

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Pets, pensions and Irish passports: readers’ questions about post-Brexit rights

Which passport should my children use? Will I pay home or EU student fees? Your questions answered

There is continuing confusion about citizens’ rights after Brexit. We asked you about your concerns, and many wrote in with questions about pension and healthcare rights.

You raised other issues too: can I still sail around Europe? Will I pay home fees if I start university in the Netherlands this year? What will happen about my pet’s passport? There is much unfinished Brexit business, as you will see from our answers below, composed with the help of experts and government departments.

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Britons in EU remain fearful of post-Brexit healthcare and pension provisions

Guardian callout suggests many are worried about key issues settled with withdrawal agreement

British citizens living in the EU remain confused and worried about their post-Brexit healthcare and pension provision, despite the fact that both issues were settled satisfactorily in the withdrawal agreement, a Guardian callout suggests.

More than 100 of over 600 British nationals on the continent, who responded to the callout, cited fears of shrinking pensions and losing the right to medical treatment.

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Labour pledges £58bn for women caught in pension trap

Shadow chancellor John McDonnell says party ‘owes debt of honour’ to 3 million over changes in retirement age

More than 3 million women who believe they have been left thousands of pounds out of pocket after steep increases to the state pension age are being promised compensation by Labour as part of a £58bn scheme designed to end a “historic injustice”.

Related: ‘The Tories stole my state pension when I was 60, now I want it back’

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