The sting in the Budget's tail was for about 4.4 million of Britain's 10.5 million pensioners. Mr Osborne unexpectedly announced plans to freeze their age-related allowances to simplify the tax system and insisted there would be no cash losers.However, pensioners paying income tax will lose out because their allowances will not keep pace with inflation. Treasury officials confirmed that current pensioners would lose an average £63 a year and people who have not yet reached the age of 65 will lose £197 a year when they do. S
I would not mind so much if that £197 were being used for a good purpose. But to see it wasted on giving the fatcats their extra thousands is intolerable.