Why Rachel Reeves could target pensioners for tax hikes next

Rachel Reeves has a problem. And it’s a big one. Some economists predict the chancellor is facing a £50bn black hole in the autumn budget. The biggest revenue raising levers available to the government are in direct taxes like income tax and indirect taxes like VAT. But Labour already promised not to hike these taxes during the election, so there’s only a handful of smaller levies at her disposal to make up the shortfall. One of the tax raids that appears to be under consideration is the pensions lump sum. Get more of City AM 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: www.linkedin.com/company/cityam Produced by: Simon Hunt, Scarlett Wild, Matt Kenyon #tax #rachelreeves #pensions #pensioners #budget2025 #hmrc #politicsnews #politics #ukpolitics #uknews #news #business #labourparty #economics #uk