John Healey, the Chancellor, said in his Budget speech that he wanted to "encourage people on ordinary incomes to save and to invest".
Yet – almost in the same breath – he unleashed another tax raid on Britain's millions of diligent savers.
From April 2027, tax rates on savings income are set to increase by a further two percentage points. This is on top of the two-percentage-point rise already scheduled by Rachel Reeves, the former chancellor.
