Raiding the pension savings of up to six million higher earners could trigger crippling public sector strikes and hit economic growth, Rachel Reeves was warned yesterday.
The Chancellor is expected to consider a proposal from Treasury officials for a flat 30 per cent rate of pension tax relief.
Sir Geoffrey Clifton-Brown, a former deputy chairman of the Commons public accounts committee, said the measure would be ‘counterproductive’ to the Government target of having the fastest economic growth in the G7. Keir Starmer's Chancellor is expected to consider a proposal from Treasury officials for a flat 30 per cent rate of pension tax relief
He said: ‘There are reasons why successive governments have shied away from a “flat rate” of relief. One is that implementing it would be horribly complex for millions, mainly in the public sector, still in defined benefit pension schemes. And a key group affected could be senior public servants, who they probably don’t want to upset right now.’
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