A freeze in the personal tax allowance for pensioners, as announced in today’s budget, will see 4.5 million pensioners lose on average £75 per year from next April. At the same time, as a result of the Government lowering the top rate of income tax from 50% to 45%, 14,000 millionaires will each receive over £40,000 extra a year.

Emma Reynolds MP said:“Today’s budget has once again shown how out of touch this Tory-led Government is.”

“The Tory-led Government is taking from the poor to give to the rich. They are raiding pensioners to give extra millionaires a tax cut. Whereas 4.5 million pensioners will lose £75 per year on average, 14,000 millionaires will get a tax cut of £40,000. This is manifestly unfair.”