General election latest: Rachel Reeves to give speech after business leaders back Labour; Tories pledge more money for pensioners

The Conservatives have promised to cut taxes for pensioners by creating a new 'age-related' tax-free allowance - dubbed 'triple lock plus'.Currently, people can receive £12,570 a year of their pensions before they start paying income tax on them - the same figure as the personal allowance for those who work.But if the party wins the next election, a pensioner's allowance would rise in line with either average earnings, inflation or by 2.

5% - whichever is higher - from next April, echoing the rules on annual state pension increases.Rishi Sunak said the move 'demonstrates we are on the side of pensioners', and would bring people 'peace of mind and security in retirement'.But Labour's shadow paymaster general, Jonathan Ashworth, called it 'another desperate move from a chaotic Tory party torching any remaining facade of its claims to economic credibility'.

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