The Tories announced "a huge giveaway for the wealthiest" while taking away £67-a-month from Scots households and promising a "callous" clamp down on benefits claimants in the Budget.Chancellor Jeremy Hunt announced a generous tax cut on pension allowances on Wednesday afternoon.
Labour leader Keir Starmer described the move as a “permanent tax cut” for the wealthy.In the same speech, Hunt said that "sanctions will be applied more rigorously" on Universal Credit claimants.
He also did not extend the Energy Bill Support Scheme, which has provided households with cash for energy bills over the last six months.Hunt went beyond expectations and announced he is scrapping the lifetime allowance on pensions.
The lifetime allowance had previously been set at £1.07 million.All savings under this in a pension pot had been tax-free. People could potentially pay 55 per cent tax on pension savings above this.Hunt said that the measures would help the NHS retain senior staff, but millions of pension savers will not benefit.Starmer slammed the plan in the told the House of Commons after Hunt's statement.He said: “We needed a fix for doctors, but the announcement today is a huge giveaway to some of the very wealthiest.“The only permanent tax cut in the Budget is for the richest 1%.
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