Wealth management firms and company directors are telling Chancellor Rachel Reeves to "leave pensions alone" as she prepares for her Autumn Budget on November 26.
Specifically, analysts demanding she refrain from targeting inheritance tax, pension schemes, or imposing additional burdens on small enterprises whilst attempting to resolve the projected £50billion fiscal deficit.
The warnings come from multiple sectors of the business community who fear potential tax increases and regulatory changes could further damage an already fragile economy.
Industry figures have specifically cautioned against implementing concealed taxation measures and expanding VAT scope, arguing such moves would undermine business confidence and economic recovery prospects.
Rachel Reeves has been told to 'leave pensions alone'
|GETTY / PA
Rob Mansfield, independent financial advisor at Rootes Wealth Management, has called for pension schemes to remain untouched, stating: "Please leave pensions alone. Politicians love tinkering around and it's complicated enough already.
"It's in the country's interest for people to fund themselves in retirement and pensions are the logical vehicle for that. We need political leadership that gives confidence and trust in the pensions system."
Scott Gallacher, the director of Leicester's Rowley Turton warned that increasing inheritance tax would prove disastrous, potentially forcing wealth generators abroad.
Speaking to Newspage, he cautioned: "The Chancellor must avoid dragging us back to the dark days of death duties by hiking inheritance tax."
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Older Britons are worried about their pension savings
| GETTYSmall enterprise advocates have expressed particular concern about potential regulatory burdens.
Colin Crooks MBE, the CEO of Intentionality, emphasised that the Chancellor "must not burden small businesses with more costs and red tape," warning that many firms are already approaching their limits.
Sam Kirk, the managing director of J-Flex Rubber Products in Retford argued against concealed taxation methods, insisting: "The Chancellor must not resort to stealth taxes.
"Hidden charges always end up hitting the wrong people and businesses, and the cost still filters down to working households."
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Samuel Mather-Holgate from Mather and Murray Financial suggested the delayed presentation indicates a lack of clear direction, stating: "Reeves has asked to hand her homework in late, as she doesn't know the answers.
"November 26 is an unprecedented late Budget and she's scrambling around for inspiration."
He warned that the Chancellor might breach her own commitments regarding protected taxes due to limited alternatives.
Mr Mather-Holgate emphasised that whilst everyone except the Chancellor recognises British enterprise as the solution to economic difficulties, increased taxation and stricter regulations would "strangle off growth."
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The Chancellor is facing scrutiny ahead of the autumn's fiscal statement
| PAWhen confirming the Budget announcement's date last week, the Chancellor said: In a posted this morning, the Chancellor of the Exchequer, Rachel Reeves said: "Britain’s economy isn’t broken. But I know it’s not working well enough for working people. Bills are high. Getting ahead feels tougher.
"You put more in, get less out. That has to change. We’ve got huge potential - world-leading brands, dynamic industries, brilliant universities, and a skilled workforce. We’re a global hub for trade. Fixing the foundations has been my mission this past year.
"We raised the minimum wage for three million people. Cut NHS waiting lists. Started tearing up planning rules to build 1.5 million new homes.
Promised billions more for the country’s infrastructure. Secured trade deals with the US, India, and the EU.
"And changed Treasury rules so investment reaches every part of the country. But I’m not satisfied. There’s more to do. Cost of living pressures are still real.
And we must bring inflation and borrowing costs down by keeping a tight grip on day to day spending through our non-negotiable fiscal rules."