The Labour Party will today [Tuesday 30 April] launch a new
poster campaign warning that the Tories are a “threat to the
state pension” due to Rishi Sunak's £46 billion unfunded plan to
abolish National Insurance contributions.
Labour has also released a new dossier which warns that:
- The Tories' unfunded promise threatens to increase the state
pension age by five years in the next Parliament, delaying
retirement for nearly four million over-60s.
- The value of the state pension would be almost half if £46bn
was cut from pension funding.
Entitlement to the state pension is based on people's
contributions during their working life, via their NICs. Under
the Tories' plan, employees will not make contributions, creating
uncertainty about this entitlement and blowing a £46 billion hole
in funding earmarked for the state pension.
Launching the campaign this morning [Tuesday] alongside Shadow
Chancellor , Labour's Shadow Paymaster
General will demand “stop hiding” and “come clean
with the public over how he plans to pay for his pledge and
categorically rule out cutting or means testing the state
pension.”
Labour will today demand the Tories come clean over five
key questions:
- Will you finally rule out any cut to the basic state pension
to fund your £46bn NICs commitment? If you are ruling this out,
where is the money coming from?
- Is the state pension age going to be hiked to pay for your
totally unfunded £46bn NICs black hole?
- Has an impact assessment been undertaken on the outcome of a
£46bn NICs black hole on pensioner living standards?
- Will the state pension be means tested?
- How will people manage in retirement if you cut the state
pension and/or pensioner benefits to fill your £46 billion tax
black hole?
- Will Winter Fuel Payments be scrapped to help fill your £46
billion tax black hole?
Labour has for weeks urged Tory ministers to come clean about
their plans. The party has launched a digital advertising
campaign targeting 10 Tory constituencies, asking local Tory MPs
to stand up to their boss and explain how the unfunded £46
billion plan will be paid for and what changes will be made to
pension eligibility.
, Labour's Shadow
Paymaster General, said:
“The Tories are promising a £46 billion national
insurance abolition that they can't fund, with money they can't
find – unless they cut the basic state pension.
“It has been over 50 days since the Tories first
made this pledge but they still haven't explained where the money
is coming from to pay for it.
“Rishi Sunak needs to stop hiding. The Prime Minister must come
clean with the public over how he plans to pay for his pledge and
categorically rule out cutting or means testing the state
pension.”
Ends
