Budget WILL happen on March 11 after fiasco – and higher earners could lose 40% pension tax relief


NEW Chancellor Rishi Sunak has promised the Budget will go ahead as planned on March 11 after Sajid Javid walked out of the post in a dramatic reshuffle last week.

The new 39-year-old Chancellor won’t veer off track for a March 11 budget that could strip high earners of their 40 per cent pension tax relief.

 Rishi Sunak said he is "cracking on" with the budget

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Rishi Sunak said he is “cracking on” with the budgetCredit: Reuters

Preparations for the government’s financial package are going full-steam ahead under the eye of Mr Sunak who said he is “cracking on” with the job.

He wrote on twitter: “Cracking on with preparations for my first Budget on March 11. It will deliver on the promises we made to the British people – levelling up and unleashing the country’s potential.”

But high earners won’t be thrilled the budget is going ahead as planned, as the government plans a £10billion raid on pension tax breaks.

High earners currently get 40 per cent tax relief on their pension contributions and lower earners only get 20 per cent.

Under the new proposals, all retirement savings pots would be taxed at the same rate.

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Mr Javid quit as Chancellor of the Exchequer in a huge row over power between No10 and the Treasury.

The former Chancellor refused to bend to the PM’s demands he fire his staff and blend his office with No10s.

He said it was a request no “self-respecting” Minister would agree too.

Mr Sunak however has stepped up to the plate and promised the country there won’t be any delay in holding the budget.

Mr Javid has been caught up in suggestions he was opposing the rule on cutting pension tax relief.

In a veiled attack on the proposals for the upcoming budget, Mr Javid “liked” a tweet saying Britain is already “overtaxed”.

The tweet read: “Needs constant restating, the tax burden is the highest it has been for a generation. Britain is overtaxed.”

 Sajid Javid dramatically quit after the PM demanded he fire all his staff

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Sajid Javid dramatically quit after the PM demanded he fire all his staffCredit: Getty Images – Getty
 Mr Sunak had previously worked closely with Sajid Javid

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Mr Sunak had previously worked closely with Sajid Javid
Sajid Javid interviewed after resigning as PM Boris Johnson appoints Rishi Sunak as his new Chancellor in cabinet reshuffle

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