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Scrapping winter fuel allowance for most pensioners to pay for triple lock ‘not happening’ | Politics News

Number 10 has announced that it will not be scrapping the winter fuel allowance for all but the poorest pensioners, as previously discussed. The prime minister is committed to keeping the pension triple lock, which increases pensions each year, despite the rising costs. The government has been considering various options to cut back welfare spending and pave the way for tax cuts before the next election. Discussions within the government have shown divided views on means-testing pensioner benefits. One source believes that conversations around the winter fuel allowance were leaked in order to end the discussion. Labour is also expected to maintain the triple lock in its manifesto. The cost of retaining the triple lock is estimated to be £45bn a year by 2050, while the winter fuel allowance is forecasted to cost £2bn this year. Critics argue that the triple lock will outweigh the potential savings from scrapping the winter fuel allowance. The government has stated that it is committed to the triple lock and would not comment on speculation until its annual autumn review of benefits and pensions. Other spending areas, such as inheritance tax and working-age benefits, are also being considered ahead of the autumn statement. The prime minister wants to create tax cuts before the election and is looking for ways to do so. Increasing the inheritance tax threshold and cutting benefits in real terms are among the options being discussed.