Rishi Sunak Promises Pension Tax Cuts and Triple Lock Plus in New Election Pledge

May 27, 2024, 09:33 PM

Prime Minister Rishi Sunak has announced a new election pledge aimed at pensioners, promising a tax cut if the Conservatives win the upcoming general election. This proposal includes a 'quadruple lock' on pensions, ensuring that pensions will never be taxed under the Tories. Additionally, the Conservatives plan to upgrade the existing Triple Lock to a 'Triple Lock Plus,' which would raise pensioners' tax-free allowance each year. This move is seen as a challenge to Labour, who have also committed to protecting the Triple Lock and ensuring financial security for retirees. The Conservatives also propose national service for young people, highlighting a generational difference in their offerings.