Public Spending: Inheritance - Statement

Part of the debate – in the House of Lords am 12:54 pm ar 30 Gorffennaf 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Lord Livermore Lord Livermore The Financial Secretary to the Treasury 12:54, 30 Gorffennaf 2024

I am grateful to the noble Baroness for her kind words. She is extremely expert in these matters, and I have the greatest respect for her, but I think that her analysis is not correct in terms of the value of the triple lock versus the winter fuel payment. In the other place yesterday, the Chancellor confirmed that pensioners will continue to benefit from the triple lock throughout this Parliament.

On the winter fuel payment, this of course is not an easy decision and I can understand why there is disappointment about it, but it is the right decision in the circumstances. The level of overspend is not sustainable. Left unaddressed, it would have meant a 25% increase in the Government’s financing needs this year, so it falls on this Government to take the difficult decisions to make the necessary in-year savings.

We will, of course, work to maximise the take-up of pension credit in two ways: bringing together the administration of housing benefit and pension credit, and working with older people’s charities and local authorities to raise awareness of pension credit and to help identify households not claiming it.