The government wants to mandate how pension funds should invest – a clear breech of fiduciary duty that puts people’s life savings at risk, says Helen Whately and Mark Garnier

Labour is waging a war on savers. This should be a big story, but it’s been drowned out in the cacophony of the Budget unravelling.

Everyone knows Keir Starmer and Rachel Reeves are hiking up taxes to pay for more welfare. My phone is buzzing with outrage at the prospect of a family of five on benefits getting the same income as someone earning £90,000.

It should also be buzzing with outrage at the tax rises on savers and pensioners. Millions of people who are working hard and doing the right thing are set to be punished – and made poorer – by the government’s choices.

Capping salary sacrifice schemes is one of those choices. For years it’s helped people put more aside for retirement. Even so, most people are not saving enough to afford their standard of living in later life. But the Chancellor is about to make it even harder. 

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