§ 55. Mr. Evelyn Kingasked the Secretary of State for Social Services for how long £9.60 has been the limit of the amount a retirement pensioner is permitted to earn before he has to pay tax; by how much the value of the £ sterling has dropped during that period; and what figure is required to make up the discrepancy.
§ Mr. DeanI assume my hon. Friend has in mind the level of net earnings at which the retirement pension of persons under age 70—age 65 for a woman—begin to be reduced under the earnings rule. The present limit was introduced in September 1971. Between then and October 1973 the drop in the value of the £ sterling, based on the change in the General Index of Retail Prices, was 16 per cent., and on this basis the present-day equivalent of £9.60 would be £11.43.
§ 56. Mr. Wyn Robertsasked the Secretary of State for Social Services if he will seek powers to suspend the pensioners' earnings rule for the Christmas period.
§ Mr. DeanNo. Apart from the practical difficulties involved, a proposal of this kind would help only the minority of pensioners who are able to work and who are thus already in an advantageous position.