Labour warns pensioners of £46bn Tory ‘fiscal black hole’ in new election ad

Labour has warned pensioners of the Conservatives’ £46 billion “fiscal black hole” in a new national advising campaign.

With the election campaign nearing its second week, the party has launched the new advert with a full page letter in the Mail on Sunday, containing an open letter to Britain’s pensioners from Shadow Work and Pensions Secretary Liz Kendall.

The letter warns that the Conservatives’ plans to scrap National Insurance would put the future of the state pension at risk.

It reads: “The last Labour government made huge strides by lifting a million out of pensioner poverty. But after 14 years of the Tories, and the division and chaos that has ensued, the promise of security in retirement is now more precarious than ever.

“Soaring energy bills and rising food prices have eaten away at your pension. Now Rishi Sunak, who broke the pension Triple Lock, wants to scrap National Insurance contributions which help fund the state pension. The Chancellor of the Exchequer, Jeremy Hunt, confirmed on May 7 that this is the Conservatives “policy”.

“This would cost £46 billion a year but he won’t say where that money is going to come from. This is a more dangerous unfunded fiscal black hole than Liz Truss’ mini budget, and it would put your pension in real jeopardy.”

The new campaign will also feature in digital adverts, as well as petitions targeted at pensioners.

Read more of our 2024 general election coverage here.

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