RPI to CPI Early Day Motion 1032

Pixieboy

Chancellor George Osborne has announced he will make his autumn statement on November 29.

http://www.moneymarketing.co.uk/politics/chancellors-autumn-statement-due-on-november-29/1037322.article

Goldwing1

I wouldn't put anything past this bunch of crooks :mad:

viridens

Goldwing1 wrote: »

I wouldn't put anything past this bunch of crooks :mad:

I agree. But I have to admit that they have been very crafty and effective in short-changing us. The RPI/CPI swindle was nodded through parliament within weeks of their election. I also see that BBC news now dutifully use CPI when reporting inflation, and rarely if ever also give RPI.

They have also done a very good PR job painting public sector pensioners as greedy parasites, causing jealousy and resentment from Joe Public, and killing sympathy whilst appearing to take extra care of state pensioners.

I remain concerned that no MPs have stepped forward to champion our cause, perhaps because it has been tainted by that government PR. Who will speak against a change in uprating date rules, or more importantly strongly fight on our behalf when 100K signatures trigger that debate? We don't need a damp squib after all that effort.

Note that even if September's figures are used for uprating as usual, we have lost 0.4% of our pension value this year alone due to the RPI/CPI swindle.

Andy_L

viridens wrote: »

I also see that BBC news now dutifully use CPI when reporting inflation, and rarely if ever also give RPI.

3 top news hits on googling "bbc inflation" has the BBC reporting both rpi & cpi. CPI is mentioned 1st but then since its been the index the Bank of England have been targeting for ~14 years that's hardly surprising

http://www.bbc.co.uk/news/business-12462901
http://www.bbc.co.uk/news/business-12214546
http://www.bbc.co.uk/news/business-12815228

viridens

Andy_L wrote: »

3 top news hits on googling "bbc inflation" has the BBC reporting both rpi & cpi. CPI is mentioned 1st but then since its been the index the Bank of England have been targeting for ~14 years that's hardly surprising

http://www.bbc.co.uk/news/business-12462901
http://www.bbc.co.uk/news/business-12214546
http://www.bbc.co.uk/news/business-12815228

I agree that RPI is mentioned in the business section of BBC news online, I was referring to BBC TV and radio news (ITV too!) - the way that most of the public receive their news. I don't recall CPI being mentioned at all before the present Government came to power.

And yes, I also agree that 2% CPI has been used by Government since December 2003 as a target figure for the Bank of England Monetary policy committee to hit by adjusting the base rate and controlling money supply. CPI was never intended to be used for pension indexation, and is not fit for this purpose.

Ripoff_2

Hi All, the e-petition has hit over 70k now and still rising, but slower than before so we really do need to keep getting our message out there.

I have concerns that the Gvmt will do the dirty on us again and not use the September 5.2% CPI bearing in mind it should have been the 5.6% RPI, they may try and use a lower months figure, political suicide I suspect if they do go that far. Watch this space.

Regarding the Judicial Review. I believe it will all rest on whether using a measure that does not directly give PRICE rises as the act says it should and does CPI meet with that criteria as it allows for substitution, your guess is as good as mine what the judges will do but I really do hope that they apply the law and it is in our favour. Again watch this space.

WE are being ripped off good and proper and I wonder how many of the people out there that don't see this as an issue will finally wake up and realise what this Gvmt are up to.

BobQ

Old_Slaphead wrote: »

I will be asking my MP not to sign it thereby acting in the best interests of ALL his constitiuents rather than a select few, mainly public servants, who already benefit from excessively generous pension arrangements.

Nb Were you also as angry when Gordon Brown made his unilateral pillaging of private DC schemes to support his public spending aspirations? Were you also protesting when the Government introduced QE thereby decimating annuity rates for those who'd managed to scrape together their own meagre pension pots?

You seem quite bitter and twisted!

Two wrongs do not make a right. I was very angry with GB, but also with employers that took pension holidays (which in a way is how Government has behaved over unfunded public sector schemes in the past). It was really up to those of us affected by the way private pension schemes have been devalued and pillaged over the years to have protested. We did not so now we are reduced to envy of public sector workers.

The people who I have less sympathy with were those who went self employed, took all the tax breaks they got but failed to invest in a private pension.

Moby

So the Government is making a new offer.....finally! Lets see how big the climb down is????:)

viridens

Moby wrote: »

So the Government is making a new offer.....finally! Lets see how big the climb down is????:)

Union deals behind the scenes could explain why they have been reluctant to publicise and promote EDM 1032. It has taken a ridiculously long time to reach 70K votes given public sector union membership numbers.
A few examples: teaching unions - NUT 300K NASUWT 270K ATL 125K. Others - Prospect 122K and of course Unison 1,374K.

I don't expect too much of a climb down. I suspect that the RPI/CPI cause could be sacrificed for other concessions, but I sincerely hope not.

NAR

Increase on ceiling for employer contributions; improved offer for those nearing retirement = very little on table.

Cannot see RPI/CPI being changed, unless through judicial review.
Anyone any idea when this is expected by the way.