five big financial troubles Liz Truss must tackle

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Experts have said Ms Truss should look at changing these rules to allow people to rebuild savings once sky-high inflation has passed. Savers can currently access their pots at age 55.

Helen Morrissey, of stockbroker Hargreaves Lansdown, said: “In the current crisis the likelihood is that we will see many people needing to access their pension to make ends meet.

“Limiting tax-free contributions to just £4,000 per year will hamper their ability to rebuild their pension once things get better.”

The rule was first introduced to stop people accessing their pension and then reinvesting contributions for another round of tax relief.

“It would be more appropriate for the money purchase annual allowance to be replaced with anti-recycling rules, which only kick in when someone has accessed their pension with the express intent to recycle the cash.

“If there’s no intent to recycle, people can rebuild their pension savings and therefore their financial resilience.”

Housing

In July, Ms Truss pledged to support more first-time buyers onto the property ladder by allowing rent payments to be used as part of mortgage affordability assessments by lenders.

However, housing affordability is at a record low in the UK, with the average first-time buyer needing 5.9 times their income to purchase a property, according to analysis by lender Nationwide.

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