GB News star Eamonn Holmes addressed Labour's latest plans to target pensioners in a bid to resolve the "£22 billion black hole" which the government claims was left behind by an "irresponsible" Tory Party.
Talking on the news show today in reaction to plans to slash the tax-free lump sum, he asked: "Should I be taking money out of my pension before they do?" Theo Usherwood candidly shot back: "I think you should be worried."
As he listened to plans for a crackdown which would hit "wealthy" pensioners the hardest, the dismayed presenter asked: "Why are they so keen to plug black holes? We've had holes blacker than this for quite some time."
Eamonn, whose net worth is estimated at around £4 million, added incredulously: "Why are Labour acting so Conservative on this?" The debate unfolded this morning after Rachel Reeves' plans to hit pension savings by cutting the tax-free lump sum to £100,000.
The news follows rage that unions had received new and more favourable pay plans, while millions of pensioners faced being stripped of their Winter Fuel Allowances. Some campaigners had warned that the changes could mean low-income retired people are forced to choose whether to eat or to heat their homes.
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Echoing viewers' frustrations, Theo continued: "Voters turned around and said, 'Well hold on a minute, this is the narrative, the same old Labour being irresponsible with taxpayers' money.'
"That's why they're very keen to create the idea that the Tories left them a £22 billion black hole," he stated, adding that the claim was "dubious" and "disputed".
"They don't have to claw it back from the rest of us," an infuriated Eamonn declared firmly.
The news is the latest in a series of moves which critics have branded a "war on pensioners".
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Currently, most savers are entitled to take out 25 per cent of their pension pot tax-free after reaching age 55, up to a maximum of £268,275.
However, as Eamonn discussed today, this limit could be slashed to just £100,000.
"Make no mistake, if they go ahead with this, it will have a significant impact and it will be subject to legal challenge as well, because that wasn't what people signed up to when they saved and put that money away," Theo exclaimed.
Meanwhile, there are fears the new governnment could also end the free bus pass scheme and abolish the Single Person's Council Tax Discount.
