Rachel Reeves has been told to target wealthy pensioners at this year’s Budget.

Chancellor Rachel Reeves should target wealthy pensioners to ease pressures on the public purse and allow infrastructure investment pledges to be protected, top economists and former ministers have said.

Former Cabinet secretary Gus O’Donnell, ex Tory minister and Goldman Sachs executive Jim O’Neill, and top economists including Mariana Mazzucato have urged the government to “rebalance” the tax system to fund spending pledges.

It is widely expected that Reeves will have to raise at least £25bn – and potentially up to £50bn – in order to rebuild her small fiscal headroom left at this year’s Spring Statement.

The OBR has reportedly warned Reeves that it is likely to lower productivity forecasts ahead of

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