The Budget – what do we know and what should we expect?

Maike Currie, vice president of personal finance at PensionBee, said: “The government needs money – urgently.

“And with most of the UK’s wealth tied up in housing, pensions and investment portfolios, all three are likely to be tapped as the Chancellor tries to fill a fiscal black hole so deep that we now spend more on servicing interest on debt than on defence.

“A cap or scrap on salary sacrifice, CGT tinkering and a fresh wave of taxes aimed at residential property are all on the cards.

“Landlords are squarely in the firing line, with the prospect of tax changes on rental income.

“Investors shouldn’t be complacent either. Capital Gains Tax is a tempting revenue lever – whether via higher rates or shrinking allowances – it will hit those building wealth outside ISAs and pensions.

“The quietest but most damaging cut will be to long-term pension saving, where subtle tweaks and caps to reliefs and allowances can raise billions with minimal political noise.

“But it’s falling house prices that will provoke the strongest public reaction and test the resilience of the Chancellor’s tenure more than any single policy announcement.”