UK Labor Party condemns changes to pensions

Britain’s Labor Party vowed on Thursday to roll back the government’s planned changes to pensions, saying these changes were a boon to the richest 1% of pensioners at a time when families are to be hit by tax increases and high inflation, advances “Reuters”.

The opposition party’s remarks come a day after UK Finance Minister Jeremy Hunt declared he would not impose further tax penalties on lifetime savings exceeding $1.2 million. The minister also added that the measure served to solve the problem of shortage of workers in Great Britain.

The Labor Party, which leads the Conservatives in the polls, said the measure was the “wrong priority at the wrong time for the wrong people”, adding that such a policy would mean that people with more than $1.6 million into their pension fund, they would pay about $181,000 less in taxes.

For Representative Rachel Reeves, this “measure will widen the cost-of-living gap”.

Jeremy Hunt said that pension changes were urgent and necessary to address several problems, including the shortage of doctors.