Is Reeves mounting a pension tax raid at the Budget?

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"With Labour's second Autumn Budget fast approaching, speculation about further tax rises has grown rife. The chancellor may need to find at least 22bn next month, pre-Budget research from the respected Institute for Fiscal Studies (IFS) found, as rising borrowing costs and weak growth forecasts decimate her room for manoeuvre. Making matters more tricky for the Treasury is Labour's continued commitment not to raise taxes on working people' meaning no increase to the headline rates of income tax, VAT or national insurance contributions."

The Independent funds on-the-ground reporting across issues like reproductive rights, climate change and Big Tech while providing free access without paywalls and relying on donations. Rising borrowing costs and weak growth forecasts have reduced the chancellor's fiscal room, with pre-Budget IFS research indicating a need to find at least £22bn for the upcoming Autumn Budget. Labour's pledge not to raise income tax, VAT or national insurance on working people limits major revenue bases. With those bases closed off, the Treasury is more likely to consider adjustments to property taxation, capital gains rules or pension policy to raise revenue.

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