The Chancellor has mounted another raid on our savings in a move that will punish prudent households.
Tax rates on savings interest will rise twice as much as planned in spring, John Healey announced during his Budget.
Savers will pay an extra 2 percentage points – on top of the 2 percentage point rise scheduled by former Chancellor Rachel Reeves – in a hike predicted to cost taxpayers £125million next year and half a billion pounds by 2028-29.
From April 6, basic rate taxpayers will pay 24 per cent tax on savings interest, higher rate taxpayers 44 per cent and additional rate taxpayers
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