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There is also an impact for individuals who are on the cusp of retirement, with the rollback of plans to cut the basic rate of income tax.
Romi Savova, CEO at PensionBee, identified what this could mean for retirement plans, and said: “Chancellor Jeremy Hunt’s fiscal statement hopes to deliver confidence and stability for public markets, which is important for all types of pensions.
“Scrapping the reduction of the basic rate of tax will retain the simplicity of pension taxation and tax relief: for every £100 contributed to a pension, most savers can continue to receive an additional £25 in their pensions through tax relief indefinitely.
“However, for many, including pensioners, it will be disappointing to see a core measure, designed to support savers during the cost of living crisis, has been pulled back.”
Several disgruntled Britons took to Twitter to share their despair at the latest announcements.
User @MartinBooth3 remarked: “You haven’t a clue. You’ve tanked the pound, tanked my pension investments, increased my rent.”
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