A commitment to keep the state pension triple lock is what three in ten Moneywise.co.uk users (31%) want to see announced in the forthcoming Autumn Statement on 23 November, according to our latest poll results.
Under the so-called “triple lock”, the state pension increases each year by the higher of inflation, the increase in average earnings, or 2.5%.
But there have been recent calls for it to be scrapped. The Commons Work and Pensions Committee recommended earlier this month that it should be ditched, as it will worsen an economy already heavily skewed towards baby boomers and against millennials.
Former Pensions Minister, Ros Altmann, meanwhile, also believes the guarantee should be dropped from 2010 and replaced with a “double lock” based on inflation and earnings.
The next most important ‘wish’ selected by one in five (20%) Moneywise users from a choice of six plus “other”, was for Chancellor Philip Hammond to announce plans to increase the amount people can pass on free of inheritance tax.
Currently, you can pass on £325,000 of your estate tax free, although a new main residence nil-rate band will be introduced from the start of the 2017/18 tax year.
- See Your guide to the new inheritance tax rules for more on this.
A further 17% would like to see a further freeze to fuel duty, 10% want buy to let tax changes - which will prevent landlords from claiming higher rate tax relief on mortgage interest payments from April 2017, - to be scrapped, and 8% want new or improved incentives to help first-time buyers.
A further 5% want a commitment to keep higher rate tax relief on pensions.
The remaining 9% of those who voted selected “Other”, with suggestions put forward by readers including an increase to the Isa allowance and to the state pension, a new savings related product such as pensioner bonds, and the axing of stamp duty on property purchases.
(Click on the chart below to enlarge)