Jeremy Hunt takes swipe at Lib Dem leader Ed Davey
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Jeremy Hunt may have set in motion his own political demise with his Wednesday Budget, as new research suggests furious pensioners are now a threat to 39 key Tory constituencies.
Anger is mounting after the Institute for Fiscal Studies identified that pensioners will be substantial net losers as a result of the budget.
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While working people stand to gain handsomely from Mr Hunt’s total 4p reduction in National Insurance, those out of work not only missed out on any tax cuts, but have also been on the receiving end of the Government’s refusal to raise tax thresholds in line with inflation.
Economists now claim that of all the tax and benefit policies since 2019, households headed by someone aged 18-45 will gain ￡590 on average, while those over 66 face an average loss of ￡770.
Hitting back this morning, Mr Hunt insisted he’s done “an enormous amount for pensioners”.
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READ MORE: Jeremy Hunt insists he has done an enormous amount to help pensioners
Mr Hunt's own seat is vulnerable if angry pensioners unite against him (Image: Getty)
However a failure to abate pensioner anger at their lack of help in the Budget could now prove a major threat not just to Mr Hunt’s tenure as Chancellor, but his chances of re-election.
Liberal Democrat analysis of the Resolution Foundation’s budget research has found that Mr Hunt’s 8.817 majority could be easily overcome by the 15,000 pensioners in his South West Surrey seat.
In addition, 37 other key Blue Wall and West Country Tory constituencies could prove at risk if pensioner backlash becomes sustained opposition ahead of the General Election.
The party’s research, seen exclusively by the Express, warns that the total pensioner penalty stealth tax now amounts to a projected ￡546 million in 2027/28, with around 8 million pensioners set to be hit by the so-called stealth tax.
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The LibDems' Sarah Olney warns pensioners will not forgive the Tories (Image: Getty)
Revealing their analysis, the LibDems’ Treasury spokesman Sarah Olney said the Budget was “the moment that the Conservative Party abandoned pensioners”.
“Jeremy Hunt's cruel pensioner penalty will rightly not be forgotten come the General Election.”
However a source close to Jeremy Hunt hit back, warning that the Chancellor is “fighting for every vote in Godalming and Ash” - his new seat at the next election following the boundary changes.
They added: “We had to take some difficult decisions to help pay down the Covid furlough debt, but with the British economy turning a corner we can start cutting taxes again while protecting the pensions Triple Lock - a lifeline for millions".
“The last thing local residents want is the Lib Dems borrowing billions of pounds to subsidise mortgages which will send interest rates to new highs.”
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Other Tory seats seemingly at risk of angry pensioners include true-blue constituencies like David Cameron’s former Witney seat, and Dominic Raab’s seat of Esher and Walton.
Mrs Thatcher’s former seat of Finchley and Golders Green sees the Tory majority overshadowed by nearly 6,000 affected pensioners, along with seats like North Cornwall, Yeovil, Henley, Woking, Totnes, Harrogate and Knaresbrough, Wells, and Guilford.
This morning Mr Hunt was also warned that his floated proposal of merging national insurance and income tax could also hammer pensioners, as income tax rates would have to rise to offset the cost of scrapping NI.
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