Labour is rumored to announce £6 billion in welfare cuts, mainly targeting disability benefits like the Personal Independence Payment (PIP) claimed by 3.6 million people. Changes include making it harder to qualify for PIP, with a potential freeze on payment levels. Additionally, there may be a freeze or reduction in the health-related element of Universal Credit, accompanied by increased support for claimants seeking work, as proposed by former senior special adviser Jean-Andre Prager.
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Wealthy and pensioners at risk of new tax raid in autumn Budget, experts warn
Leading economists warn that pensioners and the wealthy may face a tax raid by Rachel Reeves at the autumn Budget if the economic forecast does not improve, with concerns raised by Paul Johnson of the IFS about the lack of fiscal headroom. The threat of trade tariffs by Donald Trump adds to the possibility of tax hikes in October, with speculation on potential targets including pensions, wealth tax, and capital gains tax. Reeves may consider...
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