“Opposition Labor Party criticizes election promise as ruling party's latest 'desperate move'.”
UK Prime Minister Rishi Sunak has pledged to cut taxes for millions of pensioners as he seeks to reverse his Conservative Party's dismal poll numbers ahead of July's general election.
Under plans announced Monday, the tax exemption for pensioners would rise by at least 2.5 percent, or in line with the higher average salary or inflation.
The proposals would see about 8 million pensioners pay around 100 pounds ($128) less tax in 2025 and around 275 pounds less annually from 2030.
Under the so-called triple lock introduced by the Conservatives in 2011, the state pension already rises by 2.5 per cent or in line with average earnings – whichever is higher – but income tax thresholds have been frozen since 2021.
The opposition Labor Party, which is widely tipped to take power after 14 years in opposition, has pledged to maintain the triple lock guarantee for at least five years if elected.
Sunak said the “bold action” showed his party was on the side of pensioners.
“I passionately believe that those who have worked hard all their lives should have peace of mind and security in their retirement,” he said.
Labor shadow general Jonathan Ashworth criticized the announcement as “another desperate move by a chaotic Conservative party burning away any remaining façade of its pretensions to economic credibility”.
“Not only have they promised to spend tens of billions of pounds since this campaign started, they are also sitting on £46bn of unfunded spending. [$59bn]policy to scrap national insurance which threatens the very foundation of the state pension,” Ashworth said.
After months of speculation, Sunak on Wednesday called elections for July 4, months earlier than most observers expected.
Opinion polls have for months shown the Conservatives trailing Labor by about 20 percentage points amid voter discontent over high inflation, weak economic growth and a series of political scandals.
Some polls have suggested the Conservatives are on course for their worst electoral defeat in history, surpassing the loss of 178 seats in 1997 under John Major.
A record 78 Conservative MPs have announced they will not take part in the election, including prominent figures such as Housing Secretary Michael Gove and former Prime Minister Theresa May.
