Elderly run for cover ahead of Reeves Budget

THE Budget is exactly seven weeks away on November 26, and taxpayers are increasingly worried amid reports that Chancellor Rachel Reeves could attempt to raise another £30billion in taxes.

- By Harvey Jones

Speculation is rife over which taxes could rise, with pensions, savings and property under the spotlight, although nothing has been confirmed.

One thing seems likely: older households may be in the firing line, having had more time to build assets.

Left-wing think tank the Resolution Foundation, whose former boss Torsten Bell is advising Reeves on the Budget, has issued a new report today, calling for Labour to close the growing wealth gap. Senior economist Molly Broome said rising house prices and changes in the value of pensions account for most of the growth in wealth gaps since the early 2010s.