POLL OF THE DAY: Are you worried about Rachel Reeves’s Budget? VOTE NOW
POLL OF THE DAY: Are you worried about Rachel Reeves’s Budget? VOTE NOW
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Rachel Reeves's upcoming Budget in October has been tipped to be “painful” on savers and pensioners.
One way for Labour to plug the so-called “£22billion black hole” would be to slash the level of tax relief on pension contributions for higher-rate tax-payers, while another could be to cut the size of the tax-free lump sum which can be taken out.
Antonio Simoes, head of one of the largest pension firms in Britain, Legal & General, said savers needed “stability” to convince them to lock their money away long-term.
Though Simoes has remained tight-lipped on specific policies he'd like to see, he said: “What's important is stability.
“We need people to be investing more for their retirement - and if you keep on changing the incentives, there's no stability.
“It's important individuals are incentivised to lock their money away [and] that we create pools of long-term savings that can be invested in energy and other areas.”
Simoes added: “We want to see stability and we want to encourage long-term savings and productive finance.
“We want more of this money to then be invested in the real economy.”
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