Tax-free withdrawals from pension pots surge amid fears over autumn budget

Reports that Rachel Reeves likely to increase taxes have spooked customers, say investment firms

• Reeves to leave capital gains tax on property untouched, reports say

Savers have started to withdraw cash from their pension pots amid fears over potential tax changes at the autumn budget, according to investment companies.

The investment platform AJ Bell said reports that the chancellor, Rachel Reeeves, was likely to increase taxes at the budget on 30 October had spooked some of its customers into new retirement savings decisions.