UK Budget’s pensions tax raid to raise over £3bn
Expected move by chancellor Rachel Reeves next week faces strong pushback from businesses
Expected move by chancellor Rachel Reeves next week faces strong pushback from businesses

Chancellor under pressure from some Labour MPs to raise levies on business this week

Move would reduce tax benefits from salary sacrifice pension schemes as chancellor aims to fill fiscal hole

Burden to reach 38% of GDP by end of parliament

Labour MPs warn chancellor that a possible £1.5mn threshold for the new levy would be too low

Verdict from think-tanks is that Rachel Reeves has put fiscal repair job ‘on hold’

An unpopular government cannot afford to be branded dishonest by the public