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Savers hoping Chancellor Rachel Reeves will not increase income tax in the Autumn Budget may still find themselves paying more tax. There have been reports that Labour is considering a hike in income tax in the Autumn Statement, scheduled for November 26.

However, even if Chancellor Rachel Reeves opts to maintain the current tax rate, some savers could see their tax bills rise. Jeremy Cox, head of Strategy at Coventry Building Society, said: "Our members, particularly those who are retired and on fixed incomes, will be relieved if income tax rates are not increased later this month.

"But if income tax thresholds are frozen for longer and cash ISA allowances are reduced, many could end up paying more income tax anyway, including on their cash savings." At present, you can de

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