Labour will slap pensioners with brutal taxes - here's why you shouldn't trust the party
The Conservative Party will give pensioners the financial security they deserve, says Work and Pensions Secretary Mel Stride
Conservatives are the party that has always been on pensioners’ side. No-one can forget how the last Labour government put pensions up by a paltry 75p, raided £118 billion from pension pots and crashed the economy, hitting pensioners hard.
When the Conservatives came to office, we introduced the Triple Lock to give pensioners the financial security they deserve after working hard all their lives. Thanks to the Triple Lock, the basic State Pension has risen by £3,700 since 2010, £1000 more than if it had been uprated by earnings alone.
Now we will cut tax for pensioners too, ensuring the State Pension never gets dragged into income tax. Our manifesto confirms that from next April, we will introduce a new age-related allowance – the equivalent of a tax cut worth around £100 for eight million pensioners. We’re calling it the Triple Lock Plus, giving pensioners extra dignity and peace of mind in retirement.
Labour have not matched our pledge. If they win, they will let the State Pension be dragged into income tax for the first time in our history – creating a new Retirement Tax. Asking people who cannot easily increase their income to pay more is not right and it’s not fair. We wouldn’t let that happen.
The Triple Lock Plus is all part of our bold plan to cut tax for workers, parents and pensioners. We will deliver a total of £17.2 billion of tax cuts per year by the end of the decade, putting more money back in the pockets of people who know how to spend their own cash best.
It will help boost the economy and create new opportunities for the next generation. Young people need help getting on the housing ladder too, so we’re cutting Stamp Duty and launching a new Help to Buy scheme to give the leg up thousands need and deserve.
There is a clear choice at the election – between our plan to give pensioners financial security and spread opportunity to the next generation, and Keir Starmer who would slap pensioners with a Retirement Tax, taking us back to square one.
