Jeremy Hunt will announce budget increase for workers’ pensions
Jeremy Hunt is expected to increase the amount workers can put into their retirement savings before tax – but not everyone will be toasting the announcement.
In today’s budget, the chancellor is reportedly considering increasing the Lifetime Allowance (LTA) for tax-free pensions to help reintegrate older workers into the labor market.
But he is also prepared to carry out the “biggest wine tax crackdown in 50 years” – alongside an inflation-driven alcohol tax hike from August 1 – which could see the price of a bottle rise by 45p.
Under a new system of taxing alcohol by strength, about 90 per cent of still wines will see their tax rate increase, reports The Telegraph. Critics warned the move would deal a “crippling blow” to industry and consumers.
Meanwhile, the level Mr Hunt will set the LTA at – currently £1.07m – could rise to £1.8m, with experts saying it is in need of reform.
However, former Pensions Secretary Baroness Ros Altmann said his move will not solve the health problems keeping over-50s out of work.
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https://metro.co.uk/2023/03/15/jeremy-hunt-set-to-announce-workers-pension-pot-boost-in-budget-18443083/ Jeremy Hunt will announce budget increase for workers' pensions