- Andy Burnham's government has presented its first Budget, with Chancellor John Healey outlining the proposals shortly after PMQs earlier today.
- Mr Healey said he is “delivering the new pension tax allowance”, meaning “pensioners with income up to the value of the full new state pension will not pay income tax in this parliament.”
- The state pension is set to rise 3.9 per cent from April, bringing the yearly total to £13,036, which is above the current income tax personal allowance threshold of £12,570.
- Rachel Reeves, the former chancellor, previously committed to ensuring no pensioner with the state pension as their sole income would pay income tax on the payment.
- Mr Healey also talked about previously announced plans to adjust the state pension Triple Lock by 2030. He said the changes would still see the pension keep pace with earnings and inflation and save £15bn per year by the end of the 2030s and £50bn by 2050.
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