The Prime Minister said the ‘bold action demonstrates we are on the side of pensioners’.
Rishi Sunak is gambling on a £2.4 billion tax break to help secure the support of pensioners as he battles to remain in No 10.
The Prime Minister unveiled his landmark pensions policy as he sought to get his campaign back on track. And Tory peer and former minister Lord Goldsmith said Mr Sunak “has damaged the Party almost beyond repair and all but guaranteed the majority of his MPs will lose their job next month”. The announcement will guarantee in legislation that the pensioners’ personal allowance will always be higher than the level of the new state pension.
But Institute for Fiscal Studies director Paul Johnson said about half the cost of the plan was from not imposing three more years of frozen personal allowances on pensioners. Shadow paymaster general Jonathan Ashworth said: ”Why would anyone believe the Tories and Rishi Sunak on tax after they left the country with the highest tax burden in 70 years?”Labour’s own claims to economic credibility received a boost with a letter signed by 121 senior business figures including chef Tom Kerridge and Wikipedia founder Jimmy Wales in The Times.
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