Britain is facing a pension poverty 'time bomb' after Rachel Reeves' (pictured) punishing tax grab helped plunge retirement savings by 20 per cent in six months.

Relief schemes that encourage workers to save for retirement face the axe

The IMF highlighted the 'difficult decisions' facing the Chancellor in its latest assessment of the UK's position.

Britain is facing a pension poverty 'time bomb' after Rachel Reeves' (pictured) punishing tax grab helped plunge retirement savings by 20 per cent in six months.