Labour: Broken Tory manifesto commitments leave working pensioners £2,300 worse off
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Working pensioners are set to be an average of £2,300 worse off
over the next two years because of three broken Tory manifesto
commitments. In their 2019 General Election manifesto, the Tories
promised to ‘keep the Triple Lock’ on State Pensions, ‘not to raise
the rates of National Insurance’ and to ‘introduce new measures to
lower energy bills’. Since then, the Tories have made the biggest
real-terms cut to the State Pension in 50 years, hiked taxes
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Working pensioners are set to be an average of £2,300 worse off over the next two years because of three broken Tory manifesto commitments. In their 2019 General Election manifesto, the Tories promised to ‘keep the Triple Lock’ on State Pensions, ‘not to raise the rates of National Insurance’ and to ‘introduce new measures to lower energy bills’. Since then, the Tories have made the biggest real-terms cut to the State Pension in 50 years, hiked taxes and allowed energy bills to soar. New analysis from the House of Commons Library shows that working pensioners – who are uniquely hit by all three of these broken Tory manifesto commitments – are set to be an average of £2,300 worse off over the next two years. It shows working pensioners will see real-terms reductions in their incomes over the next two years from the broken Triple Lock, soaring energy costs – captured by spiralling inflation – and a Tory tax hike: o A working pensioner earning £16,000 faces a real-terms reduction of £1,790 o A working pensioner on the average salary for someone over 60 of £24,900 faces a real-terms reduction of £2,300 o A working pensioner earning £40,000 faces a real-terms reduction of £3,200. Labour is reiterating its call on the Government to bring forward an emergency budget to urgently tackle the Tory cost of living crisis. Jonathan Ashworth MP, Labour’s Shadow Work and Pensions Secretary, said:
“Boris Johnson has abandoned his promise to help Britain’s
retirees with the cost of living crisis. The Conservatives have
broken the triple lock, just imposed the biggest real terms cut
in the state pension for 50 years and working pensioners will be
clobbered with more tax. ENDS Notes to editors:
“We will keep the triple lock”, page 16, Tory 2019 Manifesto “We promise not to raise the rates of income tax, National Insurance or VAT”, page 15, Tory 2019 Manifesto “For many families, energy costs are a major source of financial pressure. We will keep our existing energy cap and introduce new measures to lower bills”, page 15, Tory 2019 Manifesto Conservative Manifesto, 2019, https://www.conservatives.com/our-plan
o A working pensioner on a salary of £16,000 faces a real-terms reduction of £1,790 over the next two years. o A working pensioner on the average salary for someone aged over 60 of £24,900 faces a real-terms reduction of £2,300 over the next two years. o A working pensioner on a salary of £40,000 faces a real-terms reduction of £3,200 over the next two years.
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