After Rachel Reeves delivered a 'painful' Budget on 30 October, experts told i how she could win back disappointed members of the public
48 per cent of Brits said the Budget made them feel more concerned about their personal finances delivered several policies that could hit the disposable incomes of working people, after promising to protect them from tax raises.
Shaun Moore, personal tax expert at Quilter, said it might be worth Labour finding the funds to go ahead with the consultation “given the toxicity associated with the current policy”.: “The risk of ongoing reputational damage is significant, especially as high-profile campaigners like Martin Lewis continue to highlight the unfairness of the current system.”
David Hollingworth of L&C Mortgages said that while many are still able to buy homes for less than the LISA limit, some would struggle. The Budget raised the stamp duty surcharge for those buying second homes from 3 per cent to 5 per cent with immediate effect, hitting landlords wanting to purchase rental properties.
“The fact that capital gains tax on property was not increased was a relief for landlords, so a reduction or removal in certain circumstances feels a long way off.”Back in July, Ms Reeves announced that the winter fuel allowance – payments made to all pensioners each winter worth £200 to £300 – would be means-tested, so only those receiving pension credit get it.
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