UK’s Sunak pledges tax cuts for pensioners as Tories face election wipeout
Al Jazeera
Opposition Labour Party slams election pledge as latest ‘desperate move’ by governing party.
United Kingdom Prime Minister Rishi Sunak has pledged to cut taxes for millions of pensioners as he seeks to turn around his Conservative Party’s dismal poll numbers ahead of general elections in July.
Under the plans announced on Monday, the tax-free allowance for pensioners would increase by at least 2.5 percent, or in line with the highest of average earnings or inflation.
The proposals would see some 8 million pensioners pay about 100 pounds ($128) less tax in 2025 and about 275 pounds less annually from 2030.
Under a so-called triple lock introduced by the Conservatives in 2011, the state pension already rises either by 2.5 percent or in line with average earnings – whichever is highest – but income tax thresholds have been frozen since 2021.
The opposition Labour Party, which is widely tipped to take power after 14 years in opposition, has committed to keep the triple-lock guarantee for at least five years if elected.
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