Britain is facing a pension poverty 'time bomb' after Rachel Reeves' punishing tax grab helped plunge retirement savings by 20 per cent in six months.
Survey figures suggest Britons may have been reducing their pension contributions since Christmas as the economy reacted to Labour's new tax regime.
The Chancellor's national insurance hike has been partly blamed for high inflation this year, raising the cost of goods and services.
Critics said last night the increased cost of living is 'squeezing' households and preventing people from putting money away for their retirement.
As a result, the average monthly pension contribution has slumped to £53.40 this month from £59.10 in April and £65.10 in December.
