UK. Labour drops plan to reintroduce pension saving cap
Labour has dropped a plan to reintroduce a cap on how much people are allowed to save into their pensions before paying tax. Under the pensions lifetime allowance, pension pots over £1.07m faced an annual tax of £40,000 on average. The cap was scrapped in April but Shadow chancellor Rachel Reeves had vowed to bring it back, saying it could raise £800m a year. However, her party has now reversed the decision ahead of the release of its manifesto on Thursday, reportedly...