British Prime Minister Rishi Sunak has proposed tax cuts for millions of pensioners as part of his latest campaign pledge, recognizing the significant influence of older voters in the upcoming July election. The Conservative Party plans to introduce a new age-related allowance that will result in a tax cut of around £100 for each of the 8 million pensioners in 2025, increasing to almost £300 annually by the end of the next parliament.
Sunak emphasized that this move demonstrates the party’s support for pensioners and contrasts it with the alternative of Labour potentially subjecting pensioners to income tax for the first time in history. With nearly 50 million eligible voters expected in the election, polls suggest a potential end to the Conservative party’s 14-year rule.
Alongside the tax cut proposal, the Conservatives reaffirmed their commitment to the triple lock system for pension increases. This policy ensures that pensions rise by the highest of earnings, inflation, or 2.5%, safeguarding pensioners from financial hardship.