4 March 2024

Spring budget: tax cuts?

We, along with our fellow Later Life Ambitions partners, have been following with interest the stories and speculation surrounding the Spring budget and any announcements regarding cuts to NI.

We were therefore pleased to see the story taking centre stage and the front page over the weekend. https://www.express.co.uk/news/politics/1873070/Fury-over-Budget-threat-to-ignore-pensioners

Alan Lees, National Association of Retired Police Officers chief executive, said NI cuts “will do nothing to help pensioners, the very people who have been among the hardest hit by the cost-of-living crisis”.

Mr Lees, whose organisation is part of Later Life Ambitions, a campaign group representing more than 250,000 pensioners, added:

“Many of our members have a fixed income and their purchasing power has been ravaged by rampant inflation. While the Chancellor hints at tax cuts for some, many pensioners will be hit by his stealth taxes this spring. Around 800,000 older people are going to be dragged into paying income tax this April due to the failure to raise thresholds in line with inflation. The number of pensioners paying income tax has doubled since this government came to power in 2010. That is the real tax scandal that will not be addressed in the Budget.”


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