Reeves unlikely to cut pension tax relief for higher earners, says report

Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter, including a report stating that UK chancellor Rachel Reeves is unlikely to cut pension tax relief for higher earners in her upcoming Budget. Reeves had previously proposed a flat rate of pension tax relief but is now expected to shy away from this move, opting instead for levying a rate of national insurance contributions on employer pension contributions as a less politically painful option. The Labour manifesto commits to not increasing taxes on “working people”, with Reeves facing tough decisions on spending, welfare, and tax in the Budget.

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