An Oxford MP has warned that pensioners in the region are going to be more than £1,000 worse off during the next couple of years.

New analysis published today based on the Bank of England’s latest forecast for inflation and the House of Commons Library found soaring prices, a tax hike and a lower State Pension is set to hit the 1,685,151 working pensioners in the south east hard.

A working pensioner earning the average salary, who is in receipt of the State Pension and liable to pay the Health and Social Care Levy, faces a real-terms reduction in their income of £770 in 2022/23 and £622 in 2023/24 - an almost £1,400 loss overall.

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The analysis also shows the value of the State Pension is eroded in real-terms by nearly £300 next year and will still be lower in real-terms in 2023/24 even if it is uprated by 5.9 per cent, the rate of inflation that is forecast for September 2022.

Oxford East MP, Anneliese Dodds, said: “Many people over retirement age in Oxford continue to work, in order to contribute to the community or supplement their state pension.

“It is disgraceful that these working pensioners are now facing a triple whammy of soaring prices, tax rises and a real terms cut to their state pension.

“Under the Conservatives, pensioners are worse off.”

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