Today Labour will urge MPs from across the house to vote against
a Tory policy change that will result in the top 1% of pension
savers receiving a £1billion tax break for their
retirement. The decision made by the Chancellor would
abolish the lifetime allowance and raise the annual pensions
allowance
Calling the move “the wrong priority, at the wrong time, for the
wrong people”, the Labour Party has urged the Chancellor to put
an immediate stop to the decision, while providing assurance that
will reverse it if in
government.
Labour’s Shadow Chief Secretary to the Treasury, , said that Tory MPs could make a “different
political choice” and stand with their constituents during this
cost of living crisis, instead of backing a cash bonus for the
top 1%. This comes after policy decisions this parliament
will see a typical household facing an extra £1,110 in tax.
New figures from the Office for Budget Responsibility show that
real disposable income of average UK households has fallen by
£1,500 since the start of the pandemic, and that living standards
are dropping by almost 6 per cent over this year and next
financial year — the biggest fall since the 1950s.
, Labour’s Shadow Chief Secretary to the Treasury,
said:
“On Tuesday, Tory MPs face a clear choice. They can look at the
state of the nation after 13 years of Tory Governments, and at
the cost of living crisis that families are facing, and vote with
Labour against these pensions changes that benefit those who hold
the biggest pension pots.
“Or they can once again make a choice that puts working people
last. They could choose to have a specific scheme, costing
taxpayers less, to tackle the challenge of retention facing the
NHS.
“The Labour Party would immediately reverse this Tory decision,
and prioritise working people and families.”
Ends
Notes
