The opposition Labor Party calls the election promise the latest “desperate measure” by the governing party.
UK Prime Minister Rishi Sunak has promised to cut taxes for millions of pensioners as he seeks to turn around his Conservative Party’s dismal poll numbers ahead of the general election in July.
Under plans announced on Monday, the tax-free allowance for pensioners would increase by at least 2.5%, or in line with higher average income or inflation.
The proposals would see around 8 million pensioners pay around £100 ($128) less tax in 2025 and around £275 less annually from 2030.
Under the so-called triple lock introduced by the Conservatives in 2011, the state pension already increases by 2.5% 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 committed to maintaining the triple guarantee for at least five years if elected.
Sunak said the “bold action” showed his party was on the side of pensioners.
“I strongly believe that those who have worked hard all their lives should have peace of mind and security in retirement,” he said.
Labor Party Treasurer General Jonathan Ashworth criticized the announcement as “yet another desperate move by a chaotic Conservative party that burns down any remaining façade of its claims to economic credibility”.
“Not only have they promised to spend tens of billions of pounds since the start of this campaign, but they also have £46 billion completely unfunded. [$59bn]policy to eliminate national insurance which threatens the very basis of the state pension,” Ashworth said.
After months of speculation, Sunak on Wednesday called an election for July 4, months earlier than most observers expected.
Opinion polls have shown for months that the Conservatives are trailing Labor by around 20 percentage points, amid voter discontent with high inflation, weak economic growth and a series of political scandals.
Some polls suggest the Conservatives are on track for the worst election defeat in history, surpassing their 178-seat defeat in 1997 under John Major.
A record number of 78 Conservative MPs have announced they will not stand in the election, including senior figures such as Housing Secretary Michael Gove and former Prime Minister Theresa May.
This story originally appeared on Aljazeera.com read the full story
