Tory claim that Labour will start taxing pensioners is ‘laughable’ says Jonathan Reynolds

Tory claim that Labour will start taxing pensioners is ‘laughable’ says Jonathan Reynolds
Gabrielle Wilde

By Gabrielle Wilde

Published: 28/05/2024

- 11:00

The Labour party has criticised the Tories for their pledge to cut National Insurance

The Conservative Party's claim that the Labour Party is planning to tax pensioners if it wins the General Election is “laughable”, according to Shadow Business Secretary Johnathan Reynolds.

He told GB News: “I'm just laughing in disbelief at what they [Conservatives] put out overnight again. So let's be clear, the only reason the state pension at £11,500 a year is anywhere near being taxed is because the personal allowance is £12,500 and it's the Conservative Party that has frozen that.

“We want a stronger economy where we will see those thresholds rise. We know what we will inherit will [be] what the current government plans are.

“That’s simply how winning an election works, but it is laughable to hear the Conservative Party say we're introducing a policy.”

On the Conservatives’ announcement of a “triple lock plus” on pensions, Reynolds continued: “I look at what they put out overnight and, again, it's I think using the same pot of money, which yesterday they said would pay for national service.

“I just don't think it's realistic. I don't think it's credible. I think pensioners will look at it and say hang on a minute, if you're the people responsible for the highest tax burden by any point in British history, why should we trust you to cut our taxes now?

“Labour supports the triple lock. We believe that's the foundation of a good solid state pension.

“But of course we should say again that many pensioners do pay tax because they'll have an occupational pension an average of over £10,000 a year on top of their state pension which they are taxed upon. So no one will believe this nonsense from the Conservative Party overnight.”

He dismissed the finding of a report which has found that half of pupils in private schools could switch to the state sector if Labour ends tax breaks.

Reynolds said: “I don't think it's a credible report, sadly, I know if you look at who’s commissioned that report, I think it's a clear example of a vested interest.

“The authoritative work done on this is by the independent Institute for Fiscal Studies. They've modelled based on previous rises because, let's be clear, private school fees have risen very, very sharply in the last few years.”


Latest Politics videos

Don't Miss

Best of Politics

Latest videos

More videos