Graham is backing the Conservative Party’s announcement of a new Triple Lock Plus for pensioners; which expands on the existing Triple Lock, which guarantees that pensions will increase in line with prices, earnings or 2.5%.
The Triple Lock Plus will further guarantee that pensioners will never pay income tax on their State Pension by raising the tax-free allowance for pensioners by the same Triple Lock.
The next triple lock will see an increase in the State Pension of £428 next year, alongside a tax cut of £95. By the end of the next Parliament, the pension will have been boosted by £1,677 with tax cut by £275 in addition.
Graham supported the Triple Lock’s introduction in 2011 and it has seen the State Pension rise by over £3,700 and helped lift over 200,000 pensioners out of poverty nationally.
Labour has refused to back Triple Lock Plus, and as a result would see the State Pension dragged into income tax for the first time in history if they enter government.
Graham said, “When I was first elected, pensioners were some of the least well off people in society.
“The Triple Lock has helped lift pensioners out of poverty and have a retirement fit for those who have worked for decades to make Beverley and Holderness what it is.
“Now, the Triple Lock Plus will make sure pensioners never pay tax on the State Pension, even as the Conservatives have raised the tax-free allowance to £12,750 – up from £6,475.
“If I’m lucky enough to be re-elected in Beverley and Holderness, I’ll fight for dignity in retirement, as well as lower taxes for all.”
Mel Stride, Pensions Secretary, said: “A Conservative government is the only one which can provide pensioners the peace of mind in retirement they deserve.
“Labour’s record speaks for itself. The last Labour government waged an all-out assault on pensioners, with a £118 billion pensions tax raid and an insulting 75p increase to the state pension.
“Sir Keir Starmer can pay lip service to pensioners until he’s blue in the face, but we know it will always be the same old Labour, putting our pensioners at the back of the queue.”
