Pensioners will be the biggest losers from Jeremy Hunt's Spring Budget, with many facing a £1,000 reduction in their income because of Tory tax plans.
Income tax thresholds have been frozen since 2021, dragging more people into higher tax brackets because of inflation. Older people must still pay tax on any income over the personal allowance, including pensions, reports the Mirror. Sarah Olney, the Liberal Democrat Treasury spokesperson, criticised: "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."
Mr Hunt stated that public service spending will increase in real terms by 1% overall. This could mean harsh cuts to public services outside of health, defence and education.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Immoral’ Government deserted pensioners in the Budget, says Waspi chairAngela Madden tells i about the 'shocking' effects the state pension delay had on her life
Source: i newspaper - 🏆 8. / 89 Read more »
Budget live: Tax cut to be announced in budget - but Labour says surprise is on cardsChancellor Jeremy Hunt will announce a further cut in national insurance in his budget, Sky News understands. Politics Hub is the place for live, comprehensive coverage of the budget throughout today - with the announcement itself starting at around 12.30pm.
Source: SkyNews - 🏆 35. / 67 Read more »
Glasgow pensioners 'trapped in homes' as lift breaks down in Govan flat blockThose living in the building on Elder Street have been left feeling 'trapped in their own home' after the vital lift in the block of flats stopped working suddenly.
Source: Glasgow_Live - 🏆 4. / 97 Read more »
Pensioners ‘miss out’ on £1bn after Hunt fails to make income tax changesHunt's tax changes will not affect over-65s, leaving the grey vote at risk
Source: i newspaper - 🏆 8. / 89 Read more »
Thousands of taxpaying north Shropshire pensioners to be hit by '£1,000 stealth tax bombshell'Pensioners who receive enough money to have to pay income tax will be caught in the fiscal drag trap to the tune of £1,000 each over the next three years, says an opposition political party.
Source: ShropshireStar - 🏆 98. / 51 Read more »
State Pension tax bill warning as Personal Allowance remains frozen at £12,570An estimated 800,000 State Pensioners will be ‘dragged into paying income tax’ after the April uprating.
Source: Daily_Record - 🏆 9. / 89 Read more »