Liberal Democrat Budget Analysis: Pensioners hit hardest by Conservative Party’s Budget. 

11 Mar 2024
ZF and older resident.

New analysis by the Liberal Democrats has revealed pensioners are the biggest losers from last week’s Budget. 

Of the pensioners living in Guildford constituency, 

  • 12,725 pay income tax. 
  • Each faces an average £1,000 stealth tax in the Conservatives’ Budget. 

Research by the Resolution Foundation has found pensioners are set to lose out most; the Chancellor’s decision to once again freeze income tax thresholds will draw more people into the basic income tax band, and see others dragged into the higher rate. 

Zöe Franklin said: “This latest Budget is the last throw of the dice for this failing Conservative government. The cut in National Insurance contributions is nothing more than a cynical bribe as the party limps towards the General Election.  

“Pensioners don’t pay NI, so won’t benefit from this cut. Stealth taxes are the trade-off as the Chancellor’s desperate smoke and mirrors attempt to give with one hand and take back even more with the other. 

“It is despicable that our pensioners are paying the price for that.” 

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

Liberal Democrats 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. 

Zöe Franklin continued: “The Liberal Democrats are proud of our record of introducing the triple lock to protect people’s pensions. We will continue to stand up for the pensioners in our community who have been abandoned by the Conservatives.”