Gideon Amos slams pensions stealth tax

13 Mar 2024
gideon and pensioner

More than 18,500 pensioners in the Taunton and Wellington area are set to be hit by a £1,000 stealth tax following the Budget, new analysis by the Liberal Democrats has revealed.

Research by the Resolution Foundation think tank has found pensioners are set to lose out from this week’s Budget.

This is due to the Conservative government’s decision to freeze income tax thresholds, which will lead to a £8 billion tax bombshell for pensioners across the country by 2027-28, or an average of £1,000 each.

Further analysis by the Liberal Democrats suggests this will impact on the estimated 18,742 pensioners in the Taunton and Wellington area who pay income tax.

Taunton and Wellington’s Liberal Democrats have said that this showed the Conservative Party has “abandoned” pensioners who are already struggling to pay the bills.

The Liberal Democrats were the first party to commit in full to the triple lock for the forthcoming election, which ensures pensions will see an increase by whichever is highest of average earnings growth, CPI inflation, or 2.5%.

The party have called on the government to double the Winter Fuel Allowance to offer extra help to pensioners, paid for by a proper windfall tax on the oil and gas companies.

Gideon Amos, Lib Dem Parliamentary candidate for Taunton and Wellington, said: “Pensioners here, who have worked hard and paid taxes all their lives, are now being punished by the Conservative government with a £1,000 additional tax, on top of government social care cuts which are forcing up council taxes across the country.

“Many elderly people are already struggling to make ends meet as heating bills and the cost of the weekly shop go through the roof. Now this Conservative tax grab will only pile on the misery.

“Liberal Democrats are proud of our record of introducing the triple lock to protect people’s pensions - and of the original Liberal government’s invention of a state pension.

“We will stand up for the pensioners in our community who have now been cruelly abandoned by the Conservatives, including by calling on the Government to double the Winter Fuel Allowance.”