Jeremy Hunt defends pensions giveaway as Labour vows to scrap it

Shadow chancellor says decision to axe lifetime allowance is wrong priority at the wrong time for the wrong people'

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The Labour party has vowed to reverse the chancellor's 1bn budget pensions tax gilded giveaway" for the wealthiest 1% if it wins the next general election, as Jeremy Hunt defended his decision to scrap the lifetime pensions allowance.

The shadow chancellor, Rachel Reeves, said Labour would seek to force a Commons vote next week on the decision, which critics argue will allow the wealthiest people to put a limitless amount into their pension pots, which can then be passed on to their heirs without paying inheritance tax.