Well now we know, according to reports, and it’s even worse than I thought. Chancellor Rachel Reeves isn’t messing about. She’s going for the big one.

I always felt her most likely target was the rule that allows better off retirees to pass on unused pension wealth to loved ones free of inheritance tax (IHT).

This was an easy win for a left-wing chancellor. Reeves could argue pensions are designed to fund retirement, but wealthy people use them as an IHT dodge.

She could scrap the tax break in…