I believe that all pensioners should have a decent and secure income in retirement.
I welcome the fact that a commitment has been made to maintain the triple lock for the duration of this Parliament, meaning the basic State Pension rises by inflation, earnings, or 2.5 percent, whichever is highest. This has protected the incomes of millions of pensioners: the basic State Pension is now over £1,100 a year higher than in 2010. The basic State Pension rose to £119.30 a week in 2016. All the current pensioner benefits, including Winter Fuel Payments, free bus passes, free prescriptions and TV licences are also being protected.
The ability to pass on your money to your loved ones is also very important. I am pleased that neither Income Tax nor Capital Gains Tax apply to ISAs any longer, so that they can be passed on to a spouse tax-free.
Ensuring that people can grow old in comfort and dignity is also a priority. I fully support reforms to ensure people will not have to sell their homes to fund residential social care, and I am encouraged by the Government’s continued commitment to introduce a cap on care costs from 2020. A civilised and prosperous society like ours should support its elderly citizens, and I hope that you feel, as I do, that this is at the heart of the Government’s plans.