Oral Answers to Questions

Debate between Paul Maynard and Greg Smith

Monday 18th March 2024 Commons Chamber

[Paul Maynard]

I am grateful for that question. The answer could not be further from nothing. This is a Government with a proven track record of supporting pensioners, including our commitment to the triple lock. In April we will see the state pension raised by 8.5% this year, after an increase of 10.1% last year, meaning that it will be a full £3,200 higher in cash terms than it was in 2010.

[Greg Smith]

I very much welcome the record on supporting pensioners that my hon. Friend has just outlined. A number of pensioners in my constituency have contacted me about the effects of fiscal drag—they may have a very modest private pension that is now being dragged into tax when they never expected it to be. What steps is my hon. Friend taking in conjunction with the Treasury to ensure that we can get pensioners on modest private pensions out of tax?

[Paul Maynard]

This is the Government who have nearly doubled the personal allowance since 2010, ensuring that most of the lowest earners do not pay income tax. Indeed, thanks to the personal allowance, around 30% of individuals do not pay tax, and of course any pensioner solely reliant on the state pension does not pay income tax.