Tag: National insurance

Pensioners face financial challenges as Labour considers tax cuts, warns the Institute for Fiscal Studies (IFS). Tax relief on pensions may be reduced and council tax bills for valuable properties increased, impacting older homeowners. Labour would need to raise other taxes to offset the cuts, according to the IFS. However, Labour's Shadow Chancellor, Rachel Reeves, emphasizes the party's commitment to economic responsibility. Balancing tax cuts with budgetary pressures and public service demands is a challenge faced by the party.