John Healey was last night urged to rule out a tax raid on pensions as he scrambles to raise money to fund Labour’s lavish spending plans.
In a letter to the new Chancellor seen by the Mail, the boss of AJ Bell called on him to guarantee that the tax-free lump sum and other incentives to save ‘will not be altered in your first Budget’.
Michael Summersgill said: ‘Such a commitment would stop speculation before it takes hold and demonstrate that this government backs people who do the right thing by setting money aside for their financial future.’
Healey is under pressure to find money for increased defence spending and to fund Andy Burnham’s pledges such as ending rough sleeping, building council houses and easing the business rates burden.
It is feared the pair are planning to hit the middle classes with a fresh barrage of tax hikes in the Budget this autumn to raise the cash required – with pensions among the targets.
