(Reuters) – British Prime Minister Rishi Sunak proposed tax cuts for millions of pensioners on Monday in his latest campaign pledge, underscoring the importance of older voters in the upcoming July election.
Sunak’s Conservatives said it would introduce a new age-related allowance and give eight million pensioners a tax cut of about 100 pounds ($128) each in 2025, by the end of the next parliament , the tax relief will increase to almost £300 per year.
“This bold action shows we are on the side of pensioners. The alternative is to drag everyone on a full state pension into income tax for the first time in Labour’s history,” Sunak announced last week The general election will be held on the 4th, the statement said.
The number of pensioners in the UK rose by 140,000 in the year to February 2023 to 12.6 million. 14 years of rule in the country.
The Conservatives said the proposal goes hand-in-hand with their commitment to the so-called “triple lock”, which would guarantee increases in public pensions by income levels, inflation or 2.5%, whichever is highest.
Labor has also pledged to retain the policy, introduced by the Conservative government in 2011 to prevent pensioners falling into poverty.
However, the costs associated with the government’s state pension bill, which increased by £11bn last year, have come under increasing scrutiny in recent years as UK inflation has soared.
The new proposals, which the party has dubbed “Triple Lock+”, would cost £2.4bn a year by 2029/30 and be funded through the government’s previously announced plan to crack down on tax avoidance and crack down on tax avoidance every year. Raise an additional £6 billion.
Labour’s shadow treasurer Jonathan Ashworth said in a statement about the plan: “This is just another desperate move by a disorganized Tory party that burns any claim to economic credibility it has .
The Treasurer-General is attached to the Treasury and serves as the banker to most government departments.
($1 = 0.7831 British pounds)
