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1196933
registered interest false more like this
date less than 2020-05-18more like thismore than 2020-05-18
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading State Retirement Pensions: Uprating more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what estimate they have made of the cost to the Exchequer for each of the next 20 years of increasing state pensions by the best of price or earnings inflation in place of a triple lock. more like this
tabling member printed
Baroness Altmann remove filter
uin HL4643 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-06-02more like thismore than 2020-06-02
answer text <p>The table below provides the estimated cost to the Exchequer for each of the next 20 years of increasing state pensions by the best of price or earnings inflation (‘double lock’) in place of a triple lock.</p><p>The figures assume that the change in uprating happens from 2023/24<strong>.</strong> They are based on analysis done in 2018, so they do not take into account any impacts of covid-19<strong>. </strong></p><p> </p><table><tbody><tr><td><p> </p></td><td colspan="2"><p><strong>Expenditure Prices (£billion) as a percentage of GDP</strong></p></td></tr><tr><td><p><strong>Financial Year</strong></p></td><td><p><strong>Double Lock</strong></p></td><td><p><strong>Triple Lock</strong></p></td></tr><tr><td><p>2020/21</p></td><td><p>4.6</p></td><td><p>4.6</p></td></tr><tr><td><p>2021/22</p></td><td><p>4.7</p></td><td><p>4.7</p></td></tr><tr><td><p>2022/23</p></td><td><p>4.7</p></td><td><p>4.7</p></td></tr><tr><td><p>2023/24</p></td><td><p>4.7</p></td><td><p>4.7</p></td></tr><tr><td><p>2024/25</p></td><td><p>4.8</p></td><td><p>4.8</p></td></tr><tr><td><p>2025/26</p></td><td><p>4.9</p></td><td><p>4.9</p></td></tr><tr><td><p>2026/27</p></td><td><p>4.9</p></td><td><p>4.9</p></td></tr><tr><td><p>2027/28</p></td><td><p>4.7</p></td><td><p>4.8</p></td></tr><tr><td><p>2028/29</p></td><td><p>4.8</p></td><td><p>4.8</p></td></tr><tr><td><p>2029/30</p></td><td><p>4.9</p></td><td><p>4.9</p></td></tr><tr><td><p>2030/31</p></td><td><p>5.0</p></td><td><p>5.0</p></td></tr><tr><td><p>2031/32</p></td><td><p>5.1</p></td><td><p>5.2</p></td></tr><tr><td><p>2032/33</p></td><td><p>5.2</p></td><td><p>5.3</p></td></tr><tr><td><p>2033/34</p></td><td><p>5.3</p></td><td><p>5.4</p></td></tr><tr><td><p>2034/35</p></td><td><p>5.4</p></td><td><p>5.5</p></td></tr><tr><td><p>2035/36</p></td><td><p>5.5</p></td><td><p>5.6</p></td></tr><tr><td><p>2036/37</p></td><td><p>5.6</p></td><td><p>5.7</p></td></tr><tr><td><p>2037/38</p></td><td><p>5.6</p></td><td><p>5.7</p></td></tr><tr><td><p>2038/39</p></td><td><p>5.6</p></td><td><p>5.7</p></td></tr><tr><td><p>2039/40</p></td><td><p>5.7</p></td><td><p>5.7</p></td></tr><tr><td><p>2040/41</p></td><td><p>5.7</p></td><td><p>5.8</p></td></tr></tbody></table><p><em>Source: DWP modelling. The figures include the cost of the State Pension. They do not include the cost of Pension Credit or other pensioner benefits. </em></p>
answering member printed Baroness Stedman-Scott more like this
question first answered
less than 2020-06-02T16:15:17.43Zmore like thismore than 2020-06-02T16:15:17.43Z
answering member
4174
label Biography information for Baroness Stedman-Scott more like this
tabling member
4533
label Biography information for Baroness Altmann more like this