Rachel Reeves is looking at imposing a fresh tax raid on savers by giving HMRC new powers to dock workers’ pay and acquire data about customers from banks.

The Government's official financial watchdog is forecasting revenues from the tax will be down every year over a six-year period.

Chancellor Rachel Reeves could float "tax raid on pensions" before this year's upcoming Autumn Budget due to the fragile state of the economy, analysts warn. During yesterday's Spring Statement, Reeves ruled out tax rate hikes and pledged to keep to her strict fiscal rules despite the Office for Budget Responsibility (OBR) projecting that gross