Resolution Foundation reveals £8bn pensioner tax bombshell in Budget

EMBARGO: Immediate Release

Jeremy Hunt’s Budget includes an £8bn tax bombshell for pensioners, analysis from the Resolution Foundation has revealed. 

All 8 million tax-paying pensioners will see their taxes increase due to the freezing of income tax thresholds. This will leave the average taxpaying pensioner £1,000 worse off by 2027-28, – or an £8 billion collective hit.

Responding to the analysis, Liberal Democrat Treasury Spokesperson Sarah Olney MP said:

"Buried in the small print of this Budget is a disgraceful £8 billion pensioner tax bombshell.

“People who have worked hard and done the right thing all their lives are being hammered by Jeremy Hunt with years of unfair tax hikes, leaving them an average of £1,000 worse off each.

“This Conservative government has shown their true colours, pensioners are not their priority. They would rather cut taxes for the big banks than look after those who have given so much for so long to our society.”

ENDS

Notes to Editors:

Resolution Foundation analysis available here.