Remember Morton’s Fork; political chicanery, fifteenth-century style, from Henry VII’s Chancellor - “You’re spending lavishly so you can clearly afford to pay more tax to the King” or, “You’re spending next to nothing so you can clearly afford… etc.”? Our modern-day equivalent, for the nearly-poor over 65s at least, is Reeves’ Ratchet Reversal.
- The cost of living rises and finances are tight, then the pension goes up to match and you can balance the books once more.
- The cost of living rises further, the pension rises again to match.
- The cost of living rises yet further but, at this point, Reeves steps in: “You have a pension increase due soon, so you clearly don’t need any help with your heating costs: no WFA for you this year!