00:00I do recognise the challenges that people continue to face with the cost of living.
00:05We have increased the basic state pension, the new state pension, by up to £470 just last month.
00:12That's a policy that the Conservative Party no longer commit to,
00:16but the Labour Party, this Labour government, absolutely recognise that we need to continue increasing the pensions that people are paid.
00:25So I do recognise the challenges that people face, but that policy stands because it was necessary to stabilise the public finances.
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