Triple lock: Conservatives look set to have raided pensioners in Peterborough and NW Cambridgeshire of £22,476,350 in just three years

The Conservative government is reportedly set to break the triple lock once more by not uprating fully in line with earnings, instead, they will exclude bonuses meaning that pensioners will receive a 7.8% rise in the state pension, not the 8.5% the triple lock should guarantee them.

Liberal Democrat analysis has estimated that this would amount to a £2,457,429 cut for Peterborough and NW Cambridgeshire's pensioners. It comes on top of an even bigger hit that pensioners suffered in 2022 when the government did not uprate pensions in line with earnings as the triple lock prescribes. Instead, they uprated by a lower measure, CPI inflation.

The effect of both cuts since 2022 could result in an eye-watering hit for pensioners from Peterboorugh's two constituencies of £22,476,350 over three years. That equates to a £552 cut for each of these pensioners. 

It comes as the Liberal Democrats have been the only major party to commit to the triple lock in full ahead of the next General Election. 

Cllr Christian Hogg, Lib Dem Council Group leader for Peterborough said: 

“To row back on the triple lock would be another in a long list of callous Conservative party broken promises. 

"Pensioners in both of Peterborough's constituencies need to be rewarded for their decades of contributing to our society, not be forced to suffer this Conservative government turning their back on them once again, right amid a cost of living crisis.

"The triple lock must be maintained and Peterborough and NW Cambridgeshiew's pensioners must be given the money that they deserve after their years of service. Instead, this out-of-touch Prime Minister looks set to punish them for his party crashing the economy."