Pensions Reform

I am grateful to my hon. Friend for his support, which is important to me. It is worth pointing out one fact. We are spending £11 billion more this year on pensioners compared with 1997, which is£8 billion more than an earnings link would have delivered. The Government have delivered on a very positive agenda for pensioners. This statement, however, is about long-term pension reform. Such reforms will start in 2010 and accelerate in the following decade. The decisions that we take today on improving pensioners’ standards of living are matters for my right hon. Friend the Chancellor.