Rishi Sunak announces a new policy that will make fewer pensioners
Rishi Sunak announced the triple lock pension policy is going to be upgraded to triple lock plus Retirees relying on the full new state pension as their sole income could end up saving just £14.60 per year – or 28p a week – in tax payments by 2028 through the Conservative Party’s triple lock plus policy, according to calculations forand retirees’ tax-free allowance – currently £12,570 – would increase in line with inflation, average earnings, or 2.5 per cent, whichever is highest.
The savings would be higher for those in receipt of extra income on top of their state pension, with savings up to £250 per year by 2028 possible. AJ Bell’s calculations are based on the Bank of England’s inflation figures for the next two years, and an assumption that inflation returns to 2 per cent in 2027.
“Beyond pure election tactics, it is hard to think of a good reason to increase the personal allowance for pensioners alone. It would make much more sense to come clean about the aim of the triple lock, which has never been articulated, and then set a sensible path to achieving that aim.” Both the Conservatives and Labour have pledged to continue the triple lock, which pledges to increase the state pension annually in line with the highest of inflation, average earnings, or 2.5 per cent, after the next election.Jonathan Ashworth, Labour’s shadow Paymaster General, said the announcement was “just another desperate move from a chaotic Tory party torching any remaining facade of its claims to economic credibility”.
It has previously proposed that the Government should give a figure for what it believes to be an appropriate level for the new state pension – when compared to average earnings – and come up with new laws for how to get it to this level by a specific point in the future,According to analysis from the Resolution Foundation think-tank, most pensioners bar the very wealthiest have seen their incomes rise in real-terms since 2010.
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