AJ Bell has added to mounting calls for Rachel Reeves to refrain from a raid on UK pensioners today as it warned rumours of the government’s tax plans were “hugely damaging” and “making people fearful about long-term saving”.

Ms Reeves was planning on performing a pensions tax raid in the Budget, but it appears fear of upsetting the public sector has poured cold water on the plans.

LABOUR’s pension tax raid is set the ditched after warnings it would hammer up to a million teachers, nurses, and public sector workers. Chancellor Rachel Reeves had planned to

Rachel Reeves is reportedly set to drop plans for a tax raid on pensions over fears it could unfairly affect public sector workers. The Chancellor has been warned that a scheme to reduce the 40 per cent tax relief on higher earners could disproportionately impact teachers and nurses,

Rachel Reeves was expected to reduce the current 40 per cent level of tax relief on higher earners in the Budget, but has changed direction

The Chancellor had planned to raise funds by reducing tax relief on those earning £50,000 or more per year, but officials said the move would hit workers who have just been handed a pay rise.