Pensioners Voice Concerns Over Budget Changes

Pensioners in the UK are expressing significant concerns ahead of Chancellor Rachel Reeves's upcoming budget, fearing potential tax increases that could severely impact their financial stability. Reports indicate that state pensioners could face nearly £14,000 in tax hikes, while Labour is expected to scrutinize taxes such as Inheritance and Capital Gains Tax. Many elderly individuals, like Julie and John Macrae, have been forced back into full-time work due to the rising cost of living and loss of benefits, including the winter fuel allowance. Experts are warning pension savers over 55 against withdrawing their funds prematurely, as potential changes could diminish their tax-free lump sum. Additionally, pensioners in Greater Manchester are particularly worried about cuts to NHS and mental health services, highlighting a broader anxiety surrounding the government's fiscal policies. Despite these concerns, the government claims it remains committed to supporting pensioners, including potential increases in the State Pension.