Budget Day pressure for pensioners

Rumours are swirling, with a fortnight to go until Chancellor Rachel Reeves finally reveals her plans to plug the £30billion black hole, and there are fears older people will make easy targets

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The Budget is exactly two weeks away and pensioners are right on the front line as Rachel Reeves lines up a £30billion tax raid. We don't know for sure what the Chancellor will do when she stands up on November 26, but rumours are swirling. One suggests she will slash the Cash ISA allowance from £20,000 to £12,000 or less, in a blow to pensioners who don't want to chance their hard-earned savings in a Stocks and Shares ISA.

She may also tighten inheritance tax rules, introduce new property taxes on higher-value homes and target pensions in other ways. There are hints she has at least ruled out one option: capping 25% tax-free pension withdrawals at £100,000, down from £268,275 today. The proposal caused panic among savers, many hurrying to withdraw money.