More than 12,000 Woking pensioners are set to be hit with a £12,029,247 stealth tax following the Budget, new analysis by the Liberal Democrats has revealed.

Research by the Resolution Foundation think tank has found pensioners are set to lose out from this week’s Budget.  This is due to the Conservative Government’s decision to freeze income tax thresholds, which will lead to a £8 billion tax bombshell for pensioners across the country by 2027-28, or an average of £1,000 each.

Further analysis by the Lib Dems suggests this will impact on the estimated 12,029 pensioners in Woking who pay income tax.

The Lib Dems and I have said that this showed the Conservative Party has “abandoned” pensioners who are already struggling to pay the bills.

The Lib Dems were the first party to commit in full to the triple lock for the upcoming election, which ensures pensions will see an increase by whichever is highest of average earnings growth, CPI inflation, or 2.5%.

Lib Dems have called on the Government to double the Winter Fuel Allowance to offer extra help to pensioners, paid for by a proper windfall tax on the oil and gas companies.

Pensioners who have worked hard and paid taxes all their lives are now being punished by this Conservative Government with a £1,000 stealth tax.

Many elderly people are already struggling to make ends meet as heating bills and the cost of the weekly shop go through the roof.  Now these Conservative tax hikes will only pile on the misery.

The Lib Dems are proud of our record of introducing the triple lock to protect people’s pensions.  We will stand up for the pensioners in our community who have been cruelly abandoned by the Conservatives, including by calling on the Government to double the Winter Fuel Allowance.