Siobhan Mail, Director at Newport-based Seer Green financial planning specialists, said: “Cutting pension tax relief to £40,000 a year is not the sort of action any Government should be doing at a time when it needs to encourage people to put money aside for retirement.

“The decision is particularly disappointing as it will be seen as persecuting even middle-income earners and far removed from an attack on the wealthy. If anything, this must be viewed as discouraging pension provision.

“We recognise that the bid to tackle Britain’s debt would not be a short-term task, but here we are five years on and there continues to be no real sign of a return to economic growth.”

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