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 a wealth tax to address anger over welfare cuts, with Labour MPs and trade unions criticizing the impact of benefit reductions and loss of funds for carers, prompting an urgent question in the Commons by work and pensions minister Stephen Timms.

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