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Benefits Uprating

I thank the hon. Gentleman for welcoming the announcements, which is more than his party's Front-Bench spokesman did. The historically low interest paid at the moment, because of the economic situation we find ourselves in and the world finds itself in, has caused particular issues for those who rely on interest from savings in their retirement. We do our best to assist them—particularly, for example, by increasing the personal allowance thresholds, as my right hon. Friend the Chancellor did in his Budget last year. That lifted another 600,000 pensioners out of tax altogether, and 60 per cent. of pensioners now pay no tax. Although we are concerned about pensioners who rely on savings income, I should also say that 55 per cent. of pensioners receive less than £10 a week, or no income at all, from investments. In essence, today's statement is more about them, as the hon. Gentleman himself acknowledged.