Pensioners are the 'biggest losers' from Jeremy Hunt's budget as they are left ... trends now
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Pensioners are the 'biggest losers' from the Budget – taking an £8billion collective hit, economists claim.
Damning assessments came from the Institute for Fiscal Studies (IFS) and the Resolution Foundation, with those think-tanks saying stealth taxes will leave the elderly worse off at the end of this Parliament.
Those earning more than £60,000 will also feel the squeeze as a result of the freeze on income tax thresholds.
Jeremy Hunt focused tax cuts in his Budget on workers by cutting 2p off National Insurance contributions, which are not paid by pensioners.
But by maintaining the freeze on income tax thresholds, pensioners – and workers earning more than £60,000 a year – will lose out.
According to the IFS, most pensioners will be £650-a-year worse off by 2027 while higher-rate taxpayer pensioners will be more than £3,000-a-year worse off.
Jeremy Hunt focused tax cuts in his Budget on workers by cutting 2p off National Insurance contributions, which are not paid by pensioners
By maintaining the freeze on income tax thresholds, pensioners – and workers earning more than £60,000 a year – will lose out (stock image)
The institute's director Paul Johnson insisted that 'while many workers will be better off as a result of tax changes over this Parliament, pensioners will be substantial net losers'.
He added: 'Well over 60 per cent of pensioners
