Rachel Reeves, the shadow chancellor, accused Jeremy Hunt’s budget of causing the ‘biggest hit to living standards since records began’. She criticised Hunt for giving ‘a huge handout to the richest 1% of pensions savers’ while neglecting the needs of working people and businesses.
Reeves stated that the pension reforms, which remove the higher tax rate on pension savings for people who have saved over £1m, were ‘the wrong priority, at the wrong time, for the wrong people’. She vowed that Labour would reverse the measure if they won the next election
