The worst financial hangover

The Government had already warned those with the widest shoulders would carry the burden of helping the UK back into the black. Following the dangerous precedent set in April’s Budget when the link between income tax rates and pensions tax relief was severed, pensions were an easy target. But with a surprise extension to the pensions reform timetable, as well as the feared further unravelling of pensions tax simplification, the Chancellor managed to hit both high and low earners. April’s Budget announced higher rate tax relief on pension contributions would be restricted, from 6 April 20...