MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Gov't Could Ditch Pensions Triple Lock; Labour Minister Refuses To Commit

UK

PM Liz Truss has refused to commit to maintaining the state pensions 'triple lock' - a guarantee that the state pension will rise in line with inflation, earnings, or 2.5%, whichever is highest - in order to balance the books following the collapse of her economic policy plans.

  • New Chancellor of the Exchequer Jeremy Hunt - seen by some observers as the primary policy maker in the UK gov't now - is tasking each department with finding significant savings. Move would risk Conservative support among over 65's, the age cohort where the party draws much of its support.
  • The BBC reported a gov't spox saying that, "moving away from the previous triple lock commitment was a "mutual decision" by the PM and the chancellor, and it was their "agreed position" to prioritise economic stability." Some Conservative MPs already publicly stating that they would not vote for a removal of the triple lock.
  • Patrick Maguire at The Times: "[shadow Leveling Up Sec] Lisa Nandy refuses to commit to a Labour government maintaining the triple lock on Times Radio".
  • Conservative peer and former pensions minister under PM David Cameron Baroness Altmann on LBC: "“It’s something I think pensioners wouldn't forgive the Government for...It is about the lowest state pension in the developed world."
Homepagemarkets-real-timePolitical Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
Homepagemarkets-real-timePolitical Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.