ITV News' Romilly Weeks and Anushka Asthana break down what the Tories' pension tax pledge means and how Labour is seeking to appeal to British businesses
In her first major speech of the campaign pitching herself as chancellor, Ms Reeves said her party’s proposals meant there were “no additional tax rises needed beyond the ones I have set out”.with 121 executives, including the Wikipedia founder, wrote to The Times on Tuesday to declare their support for the party.
She also sought to emphasise Labour’s dividing lines with the Conservatives, saying her party would fight the election on the economy and blaming “Tory instability” for Britain’s economic situation. Have you heard our new podcast Talking Politics? Every week Tom, Robert and Anushka dig into the biggest issues dominating the political agenda…
The policy will cost £2.4 billion a year by 2029/30 and will be funded through the 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. The former approach would have seen pensioners’ income hit by “fiscal drag”, while the Institute for Fiscal Studies calculates that around half of the £2.4 billion annual cost of the new plan is the price of not continuing to raise income tax on pensioners.