This will give eight million people £100
By Mel Stride MP
OVER the past six months, the Conservatives have cut tax for working people as part of our plan to make sure that work always pays. Now we will cut tax for pensioners too. The Conservatives are the only party with a track record of protecting pensioners. We believe that is a fundamental right that people who have worked hard all their life should have peace of mind and security in retirement.
Thanks to the Conservatives’ Triple Lock, the state pension has risen by £3,700 in cash terms since 2010. In the past two years alone, we have delivered a state pension almost 20 per cent larger than it was in 2010, while at the same time we have driven inflation down to just 2.3 per cent.
Today, we are going further and announcing that from April we will increase the personal allowance for pensioners in line with the Triple Lock by introducing a new age-related allowance.
That means that for pensioners, both the state pension and their tax-free allowance will always rise in line with the highest of earnings, wages or 2.5 percent. A new Triple Lock Plus.
This is a tax cut of around £100 for eight million pensioners next year, which will only grow over time – expected to be almost £300 a year by the end of the Parliament. It comes alongside the Conservatives’ existing commitment to the Triple Lock, which on current forecasts will see the state pension rise by £430 next April – and by around £1,700 a year by the end of the Parliament.
Supporting pensioners goes to the heart of what we Conservatives believe.
The same cannot be said for Labour. Last time they were in power they raided pensions. They couldn’t be trusted then, and they can’t be trusted now. Because they don’t have the Triple Lock Plus, the state pension would be dragged above the income tax threshold for the first time in history under a Labour government.
Sir Keir Starmer will say anything to anybody to get his way. He has junked all his pledges made during the Labour leadership campaign and he will do the same again to the electorate if he gets the chance.
Ever the adaptable barrister, he makes a different case to a different jury every time. Now he’s paying lip service to pensioners. But if he gets in it’ll be the same old Labour, taking pensioners back to square one.
His own pensions policy adviser called the elderly ‘codgers’, said they have ‘had it ridiculously good’ and argued they should pay national insurance. Be under no illusions Sir Keir Starmer is ready to pounce if he gets the keys to No 10.
But we Conservatives know people can spend their money better than the state can. We want taxes lower for everyone, including pensioners. That is why we are taking this bold action today.
The Triple Lock Plus will secure pensioners’ future. Sir Keir would jeopardise it. We can’t let Labour ruin it all.