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Budget justice for Leicestershire miners

North West Leicestershire MP greets Chancellor’s move to review miners’ pension surplus and release the investment reserves to benefit over 1,500 local ex-miners.

Speaking in Westminster, shortly after the Chancellor sat down, North West Leicestershire MP, Amanda Hack, welcomed the changes to the Mineworker’s Pension Scheme:

“Today’s budget delivers on the promise of change I offered to voters in North West Leicestershire back in July. The government’s mission, as outlined by Rachel Reeves, is to deliver sustainable growth after years of stagnation. The budget takes a big step towards fixing the foundations of the British economy and renewing our Public Services.

One measure that will resonate in North West Leicestershire is the move to finally address the injustice faced by former Leicestershire miners since British Coal was privatised 30 years ago. I spoke with Ed Miliband before the election, and he promised to review these arrangements if Labour won power. Today, we kept that promise.

We will return the investment reserve fund to the trustees of the Mineworkers Pension Scheme. This will be paid out as an additional pension to scheme members, boosting their income by over a third – an average increase of around £30 per week for each member. This Labour Government will also review the existing surplus-sharing arrangements, as we committed to in our manifesto.

I became an MP to stand up against unfairness and injustice. The new government has moved quickly to finalise compensation payments to victims of the Post Office IT scandal and provide payments to those affected by the infected blood scandal. Today’s mineworkers’ pension announcement rights another wrong.

In a little over a hundred days, the new government has acted to address a number of injustices spanning over five decades.

Today’s budget offers a choice between investment and decline. It’s a bold move to drive growth and restore prosperity. It also signals that we now have a government that will tackle historical injustices that have ruined lives. The announcement on the Mineworkers Pension Scheme is a powerful example, and I am proud of the part I played in making it happen.”