Rishi Sunak has claimed that he will increase state pensions for OAPs in the UK if the Conservatives are re-elected at this year's election.
Sunak has pledged a near £2,000 annual boost for pensioners if he secures re-election, by committing to the Triple Lock and increasing their tax allowance.
The triple lock means the rise will either match the rate of inflation, average earnings or 2.5 percent – whichever is highest.
Pensioners, who are in the age group most likely to vote Conservative, are expected to see full benefits by 2029. This financial incentive is designed to raise the threshold at which pensioners pay income tax.
By 2029, it's predicted that the state pension will increase by £1,677 annually, with the tax-free allowance adding another £275 per year.
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In the next year alone, pensioners are expected to receive an additional £428 on their state pension and benefit from a £95 income tax reduction.
These proposals follow criticism of Sunak's approach to pensioner finances after the Government made cuts to National Insurance
But Labour responded by saying it remained committed to the triple lock.
Shadow Chancellor Rachel Reeves also stated that income tax or National Insurance will not rise under a Labour government.
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Shadow Paymaster General Jonathan Ashworth questioned tonight: "Why would anyone believe the Tories and Rishi Sunak on tax after they left the country with the highest tax burden in 70 years?
"This is just another desperate move from a chaotic Tory party torching any remaining facade of its claims to economic credibility.
"Not only have they promised to spend tens of billions of pounds since this campaign began, they also have a completely unfunded £46billion policy to scrap National Insurance that threatens the very basis of the state pension.
"Labour will protect the triple lock. But Rishi Sunak is planning to reward Britain's pensioners for their loyalty by stabbing them in the back, just like he did to Boris Johnson and just like he has done to his own MPs."
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