16,320 pensioners living in Tower Hamlets will receive at least an extra £772 per year under Liberal Democrat manifesto plans to protect the 'triple lock' for state pensions.
Thanks to the triple lock guarantee, secured by the Liberal Democrats when they were in government, the basic state pension has risen in each year by whichever is the higher of earnings, prices or a rate of 2.5%. However, the Conservatives have refused to guarantee whether the triple lock will continue, raising fears it could be scrapped.
The Liberal Democrats have committed today to keeping the triple lock, meaning the state pension would be worth at least £137.15 a week by 2021, up from £122.30 in 2017, or an extra £772 a year.
This would be paid for in part by restricting perks such as the winter fuel allowance so they are no longer paid to the wealthiest pensioners.
Liberal Democrat spokesperson for Poplar & Limehouse, Elaine Bagshaw said:
"Protecting the triple lock will mean an extra £772 a year by 2021 for the 16,320 people receiving the state pension in Tower Hamlets.
"The Liberal Democrats are making a clear commitment to older people in Tower Hamlets, unlike the Conservatives who have repeatedly refused to give this guarantee.
"The triple lock has succeeded in lifting thousands of pensioners out of poverty, but many are still struggling to get by.
"An important test of a civilised society is the way in which it cares for the elderly. This commitment will ensure older people are able to meet their basic needs and that their living standards will be protected, especially with prices set to rise in the coming years."