Financial Times Headlines: Tax Reforms and Fiscal Challenges

Rachel Reeves, the UK Chancellor, is expediting a pensions tax hike to reassure markets. Controversies arise as OBR Chair faces pressure over an early Budget report release. Belgium warns against the EU's plan to use frozen Russian assets for funding Ukraine, fearing risks to peace efforts.

In a significant policy move, UK Chancellor Rachel Reeves has announced the acceleration of a pensions tax hike, marking a 4.8 billion pound cap on pension salary sacrifice and other measures, aiming to assure markets of long-term fiscal stability. The legislation will be fast-tracked in response to economic pressures.

Amidst this backdrop, Office for Budget Responsibility Chair Richard Hughes faces intense scrutiny following the premature publication of the UK's fiscal watchdog's Budget report. The early release caused market turbulence and has led to calls for Hughes' resignation, accompanied by an investigation into the circumstances.

Further complicating the fiscal landscape, Belgium has voiced concerns over the European Union's proposal to utilize 210 billion euros in frozen Russian assets to support Ukraine. Belgian officials warn that this could potentially threaten peace negotiations and bring significant legal and financial risks, with UK debt still projected to remain high.

(With inputs from agencies.)