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General election 2019: What is Labour offering to Waspi women? General election 2019: What is Labour offering to Waspi women?
(about 1 hour later)
Labour has announced a policy to compensate some of the women who lost out as a result of changes to the pension age.Labour has announced a policy to compensate some of the women who lost out as a result of changes to the pension age.
The campaign for compensation has been led by the group Women Against State Pension Inequality (Waspi).The campaign for compensation has been led by the group Women Against State Pension Inequality (Waspi).
Under a Labour government, women born between 6 April 1950 and 5 April 1955 would be paid £100 for each week of entitlement lost.Under a Labour government, women born between 6 April 1950 and 5 April 1955 would be paid £100 for each week of entitlement lost.
Those born between 6 April 1955 and 6 April 1960 would receive smaller amounts.Those born between 6 April 1955 and 6 April 1960 would receive smaller amounts.
Labour's Angela Rayner told BBC News: "The government failed the women who were born in the 1950s. They stole their pension."Labour's Angela Rayner told BBC News: "The government failed the women who were born in the 1950s. They stole their pension."
The maximum compensation would be £31,300, with an average payment of £15,380.The maximum compensation would be £31,300, with an average payment of £15,380.
There are two parts of the proposed compensation: one for the changes made in 1995, when it was decided that the state pension age for women should increase from 60 to 65, and one for the changes in 2011 when the increase to 65 was accelerated and an increase to 66 was scheduled.There are two parts of the proposed compensation: one for the changes made in 1995, when it was decided that the state pension age for women should increase from 60 to 65, and one for the changes in 2011 when the increase to 65 was accelerated and an increase to 66 was scheduled.
The chart below shows how the 1995 and 2011 compensation combines to give a total up to the maximum £31,300.
Consider, for example:Consider, for example:
Labour has produced a calculator for affected people to check how much compensation they could receive.Labour has produced a calculator for affected people to check how much compensation they could receive.
Labour says the policy would cost about £58bn, paid in instalments over five years.Labour says the policy would cost about £58bn, paid in instalments over five years.
But it disputed suggestions that this would prevent it meeting its fiscal rule that it would only borrow money to invest, despite not having said where the money would come from.But it disputed suggestions that this would prevent it meeting its fiscal rule that it would only borrow money to invest, despite not having said where the money would come from.
Labour's John Healey told BBC News: "This is not normal government spending - it's not a regular spending commitment - that's why it wasn't costed as part of our grey book exercise."Labour's John Healey told BBC News: "This is not normal government spending - it's not a regular spending commitment - that's why it wasn't costed as part of our grey book exercise."
The grey book is the document Labour released alongside the manifesto that has costings for all day-to-day spending.The grey book is the document Labour released alongside the manifesto that has costings for all day-to-day spending.
"Just as government always has a contingency fund or a system of funding... one-off spending, which can't be built and shouldn't be built into regular budgets," he said."Just as government always has a contingency fund or a system of funding... one-off spending, which can't be built and shouldn't be built into regular budgets," he said.
Nonetheless, it is clearly going to have to be funded either through borrowing or taxation and it will push up current spending.Nonetheless, it is clearly going to have to be funded either through borrowing or taxation and it will push up current spending.
While governments do have contingency funds to pay for things like emergency responses, £58bn would be an unusually large payment, and it would be hard to describe the payments as a contingency when the party has decided in advance to make them.While governments do have contingency funds to pay for things like emergency responses, £58bn would be an unusually large payment, and it would be hard to describe the payments as a contingency when the party has decided in advance to make them.
Conservative minister Nicky Morgan told the BBC "there isn't the money available" to compensate the Waspi women.Conservative minister Nicky Morgan told the BBC "there isn't the money available" to compensate the Waspi women.
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