There has rightly been a lot of talk about the consequences of the abolition of the 10p tax rate for those earning under £18,000. Households without children seem to be the biggest losers – yet everyone is hit by the increases in food prices, petrol prices, utility prices and just about everything else. But one little-noted impact is on pensioners on modest incomes who have chosen to retire early, and those women on a pension who retired at 60 but are not yet 65. The many thousands who will fall into this bracket across the Fylde suffer because they don’t see any change in their Personal Tax Allowances, yet have to now pay tax at the Higher Rate.
Like all of Labour’s budgets, the devil is in the detail. It does seem ironic that Labour – the Party that claimed to be the party of the ‘working man’, and trumpet all they ‘do’ for pensioners – is now determined to make everyone of us suffer.
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