Sunak’s Triple Lock Plus would be wiped out by £1,000 stealth tax on pensioners

EMBARGO: 22:30 Monday 27th May 2024 

Responding to the Conservative Party’s announcement on a “Triple Lock Plus” for pensioners, Liberal Democrat Treasury Spokesperson Sarah Olney MP said:

“Rishi Sunak’s stealth tax hikes will blow a £1,000 hole in pensioners’ pockets by 2027, over four times more than what he is giving back with this meagre announcement.

“The Conservative Party has hammered pensioners with years of unfair tax hikes and broken their word on the triple lock. People won’t be fooled by yet another empty promise from Rishi Sunak after this record of failure.

“Liberal Democrats are proud we brought in the triple lock and will continue to stand up for the millions of pensioners who have been so badly let down by this Conservative government.”

ENDS

Notes to Editor:

According to the Resolution Foundation, the freezing of tax thresholds will mean “the average taxpaying pensioner will lose around £1,000” by 2027-28 (Resolution Foundation briefing, March 2024, p.24). This is more than four times higher than the estimated £230 tax cut that the Conservative Party claims an average pensioner would see by 2027-28 under their plans.