Labor pledges to reverse Hunt’s pension tax breaks for the rich
abour has announced it will reverse Chancellor Jeremy Hunt’s £1billion pension tax break for high earners when it comes to power in the next general election.
Shadow Chancellor Rachel Reeves has said the party will seek to force a vote in the House of Commons next week on the decision to scrap the £1.07million lifetime pension supplement.
The measure aims to prevent advisers from leaving the NHS early because current pension rules make it unprofitable for them to continue working.
This gold-plated giveaway is the wrong priority, at the wrong time, for the wrong people
The Office for Budget Responsibility has estimated that this – combined with an increase in the annual tax-free pension allowance from £40,000 to £60,000 – will increase employment by 15,000 workers.
But Ms Reeves said a Labor government would reintroduce the lifetime allowance and create a targeted scheme for doctors, rather than allow a “free offer for the wealthy few”.
“At a time when families across the country are facing rising bills, higher costs and frozen wages, this gold-plated giveaway has the wrong priority, at the wrong time, for the wrong people,” she said.
“Therefore a Labor government will reverse this move. We call on the Chancellor and the conservative government to rethink as well.”
https://www.standard.co.uk/business/business-news/labour-pledges-to-reverse-hunt-s-pensions-tax-break-for-the-wealthy-b1067678.html Labor pledges to reverse Hunt’s pension tax breaks for the rich
