Both St Helens MPs have addressed the news in yesterday’s budget that 112,000 former coalminers will finally have £1.5 billion from their pension scheme transferred to them.

Following the announcement in yesterday’s budget, Energy Secretary Ed Miliband confirmed that the move will mean a 32% boost to the annual pensions of 112,000 former mineworkers – an average increase of £29 per week for each member.

The investment reserve fund was set up using profits from the scheme in 1992, to provide a buffer in case the Mineworkers’ Pension Scheme went into deficit.

This money was due to be returned to government in 2029.

David Baines, MP for St Helens North, said: “It is a national scandal that former miners in St Helens North have had to fight for so long for the pension settlement they deserve.

“Labour ends this injustice and delivers what is rightfully owed back to mining families. This is a victory for the relentless campaigning of the trustees, members, and coalfield communities here in St Helens North”.

Marie Rimmer, MP for St Helens South and Whiston, said: “After years of injustice, I am grateful that former mineworkers will finally have the money they are owed.

"For decades our miners helped to power our homes and the country as a whole, with many picking up injuries that have impacted the rest of their lives.

“Returning this money to mineworkers is the right thing to do and I am glad that we have done this in our first budget. It is a real testament to the campaigners who fought for justice for so long.”

Energy Secretary Ed Miliband said: "We owe the mining communities who powered this country a debt of gratitude.

"For decades, it has been a scandal that the government has taken money that could have been passed to the miners and their families.

"Today, that scandal ends, and the money is rightfully transferred to the miners. I pay tribute to the campaigners who have fought for justice- today is their victory."