{"id":129432,"date":"2021-06-20T00:02:30","date_gmt":"2021-06-20T00:02:30","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129432"},"modified":"2021-06-20T00:02:30","modified_gmt":"2021-06-20T00:02:30","slug":"uks-sunak-considers-cap-to-annual-pension-rise-sunday-times","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/uks-sunak-considers-cap-to-annual-pension-rise-sunday-times\/","title":{"rendered":"UK's Sunak considers cap to annual pension rise – Sunday Times"},"content":{"rendered":"

LONDON (Reuters) – British finance minister Rishi Sunak is considering blocking a near 6% rise in old-age pension payments as part of a wider effort to rein in the cost of Prime Minister Boris Johnson\u2019s spending, the Sunday Times newspaper said.<\/p>

FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak meets with U.S. Treasury Secretary Janet Yellen (not pictured), in London, Britain June 3, 2021. REUTERS\/Hannah McKay\/Pool<\/figcaption>

Under a pension promise in the Conservative Party\u2019s 2019 election campaign, state pensions are meant to rise each year by the highest of the annual inflation rate, wage growth or 2.5%.<\/p>\n

Due partly to distortions from the coronavirus pandemic, annual wages in the three months to April grew by an annual 5.6% – creating an extra 4 billion pound ($5.5 billion) annual cost for future pensions.<\/p>\n

The Sunday Times said the finance ministry wanted to break the link between pensions and wages for a year.<\/p>\n

\u201cPensioners are going to be doing extremely well. It\u2019s not politically that difficult a thing to smooth it out for a year,\u201d the newspaper quoted an unnamed minister as saying.<\/p>\n

The Sunday Times said Sunak was worried too about a potential 5 billion pound annual cost for a plan on social care for the elderly due to be discussed later this week, plus extra for a new government yacht to promote British exports.<\/p>\n

An unnamed official was quoted as describing funding for the yacht as \u201ca complete and utter shitshow\u201d.<\/p>\n

Asked about the report, a British government spokesperson said: \u201cThe Prime Minister and Chancellor work closely together, and have been in lockstep throughout the most challenging period any government has faced since the Second World War.\u201d<\/p>\n

\u201cWe always ensure that all government spending provides value for money for the taxpayer.\u201d<\/p>\n

Sunak said in a television interview on Wednesday that pensions would be reviewed later in the year.<\/p>\n

Britain\u2019s government borrowed 300 billion pounds last year – equivalent to 14% of gross domestic product and the most since World War Two.<\/p>\n

Sunak has repeatedly said he wants to put the public finances in a more sustainable position when the economy recovers, due to concerns about higher interest rates.<\/p>\n

The Sunday Times said Sunak opposed raising capital gains tax. The government has already promised not to raise the main rates of income tax, national insurance or value-added tax, limiting its ability to boost revenue.<\/p>\n

($1 = 0.7242 pounds)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – British finance minister Rishi<\/p>\n","protected":false},"author":3,"featured_media":129431,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nUK's Sunak considers cap to annual pension rise - Sunday Times - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/uks-sunak-considers-cap-to-annual-pension-rise-sunday-times\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK's Sunak considers cap to annual pension rise - Sunday Times - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – British finance minister Rishi\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/uks-sunak-considers-cap-to-annual-pension-rise-sunday-times\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-20T00:02:30+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/UKs-Sunak-considers-cap-to-annual-pension-rise-Sunday-Times.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/uks-sunak-considers-cap-to-annual-pension-rise-sunday-times\/\",\"url\":\"https:\/\/precoinnews.com\/business\/uks-sunak-considers-cap-to-annual-pension-rise-sunday-times\/\",\"name\":\"UK's Sunak considers cap to annual pension rise - 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