Labour promises to reverse Jeremy Hunt’s pensions giveaway for richest 1%

Shadow chancellor says decision to axe lifetime allowance is ‘wrong priority at the wrong time for the wrong people’

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The Labour party has vowed to reverse the chancellor’s £1bn budget pensions tax giveaway for the wealthiest 1% if it comes into power after the next general election, as Jeremy Hunt defended his decision to scrap the lifetime pensions allowance.

The shadow chancellor, Rachel Reeves, said Labour would seek to force a Commons vote next week on the decision, which critics argue will allow the wealthiest people to put a limitless amount into their pension pots, which can then be passed on to their heirs without paying inheritance tax.