Official legislative records and announcements from the Parliament

Sunak Promises 'Triple Lock Plus' Tax Cuts for Pensioners, Saving £100 Next Year

May 27, 2024, 09:35 PM

Prime Minister Rishi Sunak has announced a new election pledge aimed at pensioners, promising a 'Triple Lock Plus' which includes tax cuts. The initiative will automatically raise the threshold at which pensioners start paying income tax, ensuring it remains ahead of the state pension. This policy is expected to save 8 million pensioners £100 next year and nearly £300 by 2030, at a cost of £2.4 billion. The Conservatives are also pledging that pensions will never be taxed under their governance, with a proposed 'quadruple lock' on pensions. This move is seen as an effort to secure the Grey vote in the upcoming general election and contrasts with Labour's stance on protecting the existing Triple Lock without additional tax cuts.