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Tax bombshell: Record numbers of pensioners paying income tax under the Tories

By 7 June 2024June 24th, 2024No Comments
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Labour candidate for Portsmouth South Stephen Morgan has said the Conservatives have failed pensioners in Portsmouth, as new analysis showed the record number of pensioners paying income tax under the Tory government.

The new analysis from the Party shows there are record numbers of pensioners paying income tax, due to freezes to income tax thresholds and people needing to work later in life.

Independent analysis shows Tory stealth income tax rises introduced by Prime Minister Rishi Sunak will hit taxpaying pensioners with £1,000 more on average, meaning the latest unfunded Tory pledge will only hand them back just under £1 for every £3 that’s been taken.

From breaking the triple lock, and single pensioners being worse off under the Tories, to huge increases in the amounts of people raiding their pension pots due to economic chaos, the economic failure of Rishi Sunak has left pensioners across the country worse off.

Labour will turn the page on Tory chaos with economic security and political stability. We will keep the Triple Lock on State Pensions and not raise Income Tax, National Insurance or VAT. Labour will give pensioners the dignity and security they deserve in retirement.

Labour candidate for Portsmouth South, Stephen Morgan said:

“Portsmouth pensioners have been let down time and time again by the Tories so are right to not believe a word Rishi Sunak says on tax.

“Retirement should be a time when people can relax, but Prime Minister’s stealth tax rises means that more and more pensioners are struggling with the cost of living.

“Pensioners in Portsmouth have rightly had enough. That’s why Labour will turn the page on Tory economic chaos, keep the Triple Lock on State Pensions, and give pensioners the dignity and security they deserve in retirement.”

Liz Kendall, Labour’s Shadow Pensions Secretary said:

“Rishi Sunak was recently asked why he hates pensioners. It’s not hard to see why when they have so profoundly failed pensioners – from increasing levels of pensioner poverty, to breaking their promise on the triple lock, Rishi Sunak and the Tories have worsened the quality of retirement.”

“Now the Tories pose a new threat to pensioners’ living standards, with reckless unfunded spending commitments and a £46 billion tax black hole that threatens the economy and the future of the State Pension. Combined with this, is the fact that under their watch a record amount of over 65’s are paying income tax.

“Retirement should be a time we all look forward to, but more pensioners than ever are renting into retirement, their children are returning home because they’re locked out of the housing market and soaring childcare costs mean pensioners are taking on more responsibilities they weren’t expecting.

“My message to pensioners at this general election is simple – look at your wallet, look at the quality of your healthcare and look at the lack of housing for your children and grandchildren and ask yourself, is this as good as it gets?”