EXCLUSIVE: Chancellor Rachel Reeves should think twice if she is thinking of abolishing a saver's ability to benefit from a 25 percent tax free pension allowance, an expert says.

Rachel Reeves could cost families more than £16,500 if she prolongs the freeze on income tax thresholds by two years, Telegraph analysis has found. The Chancellor is said to be considering extending the Tory freeze from 2028 to 2030 – in a move reportedly set to raise the Treasury £7bn a year.

British finance minister Rachel Reeves faces a tough task to raise the tax revenues she needs to invest more in public services and new infrastructure in her Oct. 30 budget.

In the 2023/24 tax year, savers were fined around £15 million of their own money when withdrawing funds from their LISA – the largest annual amount since LISAs launched in 2017. We estimate that around £1.8 million of that was taken from savers who still bought a first home, just one over the limit.

Matt Chorley interviews Rachel Reeves about her plans for the upcoming Budget.

Chancellor Rachel Reeves said she’s reached agreement with all of her UK cabinet colleagues on their spending allocations for next week’s budget, following tensions with some senior ministers over cuts planned for their departments.

Chancellor Rachel Reeves says she has now reached spending settlements with all government departments ahead of her much-anticipated Budget on 30 October. It comes after reports of Treasury rows with multiple departments over the expected scale of spending cuts.

Rachel Reeves has said that “main taxes on working people” will not rise in the Budget. She gave the reassurance a week before she delivers her first Budget, and the first by a woman Chancellor. But her words left the door open to a raft of other tax rises,