There is a significant contrast between the positive feelings when the Tories were so soundly defeated and the growing disappointment at announcements to keep the cap on child benefit and to scrap the universal winter allowance for state pensioners (Rachel Reeves under increasing pressure to scrap cap on two-child allowance in next budget, 21 August). Although the Labour leadership repeatedly said it would not raise taxes if it won the election, friends and foes alike felt this was an unrealistic pledge that would have to be broken once the new government learned the true state of the public finances.

But Rachel Reeves’ determination to be seen as a prudent Chancellor of the Exchequer risks backing her into a corner where she can only make relatively minor technical changes to our tax system, with its many loopholes. This will not address the long-term neglect that has brought so many public services to their knees. An early announcement of a wealth tax, similar to that proposed by the Greens, would steady the ship and would be more popular than “business as usual”.
Les Hell
Exeter

To fill Rachel Reeves’s budget black hole, I am prepared to give up the 25p a week extra pension I have received since I was 80 (What personal tax increases could Rachel Reeves introduce to reduce the UK budget deficit?, 21 August). Where did this idea come from? Was it five shillings but never increased? Was it based on research? If so, did it suggest that 80-year-olds really do need an extra pension amount – in which case the extra amount might need to be more than 25p. The autumn budget offers an opportunity to fix this anomaly and if the 25p is abolished it will also save administration costs.
David Lane
Wakefield

I have a suggestion for Rachel Reeves. Investment in self-invested personal pensions (SIPPs) totals £500 billion in the UK. Pensioners tend to look to other funds before their SIPP as they would have to pay tax on any money they take out of it. Additionally, their SIPP is not subject to inheritance tax but can be passed on to others who also only pay tax on withdrawals. When people invest in pensions tax is saved and with normal pensions this tax is paid later in retirement when the pension is taken. My suggestion is that SIPP holders should be required to withdraw at least 5% of their SIPP each year after they retire and that the SIPP should be included in the estate on death.
Robert East
Crouch End, London

Could someone please suggest to Rachel Reeves that we introduce a 65% income tax rate on incomes over £1 million a year? That would raise around £232 million for the 580 Premier League footballers whose average income is over £3 million, plus the many CEOs and financiers and the many claimants whose earned or unearned income exceeds £1 million, and that should be more than enough to fund the removal of the cap on the Two Child Allowance.
Michael Goodhart
Grantchester, Cambridgeshire