Labour’s new Chancellor Rachel Reeves dropped a pensions bombshell as she made her first speech on the economy.
Ms Reeves said she had met the Governor of the Bank of England on Friday, and said she would be not “playing games” at the expense of financial institutions.
The Chancellor committed to the Labour campaign pledges of “no increases to National Insurance, and the basic higher and additional rates of income tax, or VAT”.
Speaking about pensions Ms Reeves said: “We will turn our attention to the pensions system to drive investment in homegrown British business and to deliver greater returns to pensions savers.”
She added the Government will make the “tough” and “hard choices” to fix the UK’s economy.
She said: “The question is not whether we want growth, but how strong is our resolve? How prepared are we to make the hard choices and face down the vested interests? …