Will mortgage rates go down? Answers to your budget questions

Asks Keith Anderson, 75, from Newport, who says there had been speculation the amount would be capped at £100,000.

From age 55 (or 57 from 2028), anyone with pension savings can take a quarter of their money as a tax-free lump sum of up to £268,275.

Keith is right: there has been a lot of speculation that this cap will be lowered to increase taxes for the government. This prompted some people to act sooner than they otherwise might have.

I’ve looked at a lot of budgets and many pension changes are often discussed but don’t happen. This is another one.

This will be a relief for some people who are hoping to, for example, pay off a mortgage (or help their children or grandchildren get one) in the future by taking part of their pension pot as a tax-free lump sum.