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Benefits Uprating

That is why the inflation rate in the pension for next year will be higher than in recent years. Over the past 15 to 18 years, inflation faced by pensioners has gone up less fast than the retail prices index overall. I am not sure that linking pensions to a smaller subsection of the overall inflation figures would be a sensible policy, as it would result in much more fluctuation. We agree that inflation is not the right measure for the future; we will be linking the pension to earnings, which will address many of the hon. Gentleman’s concerns, and I am sure that his party, too, will back that measure.