Delivered against a backdrop of stock market turmoil, chancellor Rishi Sunak’s first Budget could not have been more dramatic.
The Bank of England announced an emergency rate cut just hours before he promised to do “whatever it takes” to protect the UK economy from the coronavirus crisis, as lenders pledged to offer forbearance to businesses and homeowners struggling to balance their own budgets.
Although higher earners had been braced for expensive tax rises in the first UK Budget for nearly 18 months, the chancellor had some surprising tax concessions inside his red box.
About 200,000 higher earners stand to be lifted out of the pensions “taper tax” threshold from April 6, putting pension savings back on the agenda — although the highest earners will see further restrictions.
FT Money reporters draw out the details of this and other personal finance measures, below.
Pensions taper loosened
Hundreds of thousands of higher earners are to be lifted out of a…