Jeff Prestridge Warns Labour Budget Could Target Personal Wealth

Writer Jeff Prestridge argues that Labour’s upcoming Budget could focus on household wealth and financial independence, warning of potential tax rises before the event. He says the responsibility for delivering the Budget will fall to John Healey, expected to present Labour’s third “unpopular” Budget in as many years on Wednesday, October 28, replacing the role of Rachel Reeves as Chancellor. Prestridge notes Healey has already suggested the Budget will be “tough,” and he links concern to speculation around restricting pension “tax-free cash” withdrawals, a fear raised ahead of the previous two Budgets. He also points to broader fiscal pressures tied to Middle East conflict and rising welfare costs.