Chancellor confirms billions for ex-miners as she hails 'people who powered our country'

The Chancellor has promised in Parliament that billions of pounds will be handed back to ex-miners as she paid tribute to "the working people who powered our country." Former colliery workers in coalfield communities like Nottinghamshire have had billions taken out of their pension pot by successive governments since it was privatised in 1994.

One Nottinghamshire campaigner has previously described former miners as having to "fight for their existence", with some having seen pensions increases equating to just 30p extra a week in the past. When privatising the miners' pension pot, the government said it would split any surplus money in half with mineworkers.

Members of the scheme were told no more than £2 billion was needed to help shore up the pot for the future, but successive governments have received over £4 billion in cash payments so far. Four funds make up the mineworkers' pension scheme and Labour pledged in its manifesto to give back the £1.6 billion investment reserve fund.

Chancellor Rachel Reeves committed again to this during her budget on Wednesday (October 30), saying: "It is right that we protect those who have worked all their lives. In our manifesto, we promised to transfer the Investment Reserve Fund in the Mineworkers' Pension Scheme to members.

"Today, we are keeping our promise, so that working people who powered our country receive the fair pension that they are owed." Alongside the Investment Reserve Fund pledge, one campaigner says he understands the government will also hand back £600 million from the government guarantee fund, with both pledges equating to £2.2 billion.

It is not yet clear when the money will be handed back, but those campaigning for justice say there can be no further delay. Mick Newton, a former Thoresby Colliery worker who led the campaign for mineworkers' pensions justice, previously said more than 100 ex-miners and their widows die every week.

First recommitting to Labour's manifesto pledge at its party conference in September, Energy Secretary Ed Miliband said: "Just as we will do right by today's generations in our energy policy, so we will do right by past generations that powered our country. Across Britain, hundreds of thousands went down the mines. Too often they paid the price in ill health, and even with their lives."