Jeremy Hunt is set to unveil key pension and childcare benefit changes in his highly anticipated Budget on Wednesday.
The chancellor is reportedly considering raising the £40,000 cap on tax-free annual pension contributions, as well as increasing the state pension age to 68.
Efforts to encourage the over-50s, the long-term sick and disabled, and benefits claimants back into the workplace are likely to form a key plank of Mr Hunt’s plans.
The Budget comes in the wake of the autumn statement last November, which saw the chancellor hike taxes as he and Rishi Sunak sought to restore UK financial credibility after Liz Truss’ short-lived premiership.
This time, the chancellor is expected to focus on measures that will get various cohorts back to work as part of a wider push to boost growth.
It follows the release of new figures from the Office for National Statistics which show no change in Britain’s unemployment in the three months to January.
The chancellor will announce the Budget at 12.30pm following prime minister’s questions.
