Watch as Rishi Sunak continued his general election campaign in the West Midlands on Tuesday, 28 May, after announcing a £2.4 billion tax break to help secure the support of pensioners as he battles to remain in No 10.
The prime minister has pledged a “triple lock plus” to increase the income tax personal allowance for pensioners, giving them a tax cut worth around £95 in 2025-26, rising to £275 in 2029-30.
Mr Sunak is offering to protect the triple lock on the state pension brought in by Lord Cameron in 2010 which means that it is guaranteed to go up by the highest rate of inflation or 2.5 per cent, whichever is the largest increase.
On Tuesday, Mr Sunak will also announce that from April next year the income tax personal allowance for pensioners will be increased in line with the triple lock.
The new tax policy will cost £2.4bn a year by 2029/30 and will be funded through clamping down on tax dodgers – the same pot of money which will help pay for Mr Sunak’s plan for new mandatory national service for 18-year-olds.
National service plans were the PM’s first major policy proposal since he announced the general election in the pouring rain last week.
The policy would see see 18-year-olds forced to either sign up to the military or cyber defence force or undertake community volunteering work.
Mr Sunak has defended the plans, saying they would “foster a culture of service which is going to be incredibly powerful for making our society more cohesive.”
