The Budget will be the first chance to see what direction tax policy will take under the Labour administration. During the general election campaign, the chancellor Rachel Reeves repeatedly stressed that Labour would not increase the three big taxes, income tax, national insurance and VAT, keeping taxes down for ‘working people’.

This means that there are serious concerns about where the tax axe will fall with capital gains tax (CGT), inheritance tax and pensions tax all possible contenders for increases.