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Budget Uncertainty Sparks £70.8 Billion Pension Withdrawals

10/24/2025

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Summary

Story summary

FTSE executives say the damaging uncertainty around Rachel Reeves's upcoming Budget is harming the pensions industry and the property market.
Michael Summersgill, CEO of AJ Bell, says unclear pension tax rules unsettled the public and destabilized markets.
Guy Gittins, CEO of Foxtons, links the uncertainty to a significant decline in London home sales.
In 2024, savers withdrew over £70.8 billion from pension pots ahead of the last Budget.

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Story summary

FTSE executives say the damaging uncertainty around Rachel Reeves's upcoming Budget is harming the pensions industry and the property market.
Michael Summersgill, CEO of AJ Bell, says unclear pension tax rules unsettled the public and destabilized markets.
Guy Gittins, CEO of Foxtons, links the uncertainty to a significant decline in London home sales.
In 2024, savers withdrew over £70.8 billion from pension pots ahead of the last Budget.