During an interview on Sky News last week (31st May 2024). Work and Pensions Secretary, Mel Stride discussed how this government has reduced inflation and has the fastest growth in the G7. He claimed the Labour Party has no ideas on how to deal with the country’s issues following questions on defections of Tory MPs to Labour and Reform.
He also discussed the announcement of Triple Lock Plus that he oversaw to ensure pensions stay out of tax. He added that Labour have dismissed this and will drag pensions into income tax.
Stride stressed that the Personal Allowance will be increased next April and pensions will be kept out of income tax. An increase in their income tax personal allowance would give pensioners a cut worth around £95 in 2025-26, rising to £275 in 2029-30.
The new pensions policy would cost £2.4billion a year by 2029/30 and would be funded by clamping down on tax dodgers.
He stated that Labour need to fund their £38bn without raising corporation tax amongst others. Following this, he claimed that Labour will raid workplace pensions to raise funds for other policies based on materials by Rachel Reeves in her time as a backbencher.
A Labour spokesperson said: “The Tories have a £71 billion Budget black hole. The ideas in this pamphlet are from when Rachel Reeves was a backbencher. They are not Labour policy and will not feature in our manifesto.”
Relevant news coverage: Tories take aim at Rachel Reeves over tax raid on pensioners | Politics | News | Express.co.uk
