The scrapping of the Winter Fuel Payment, which affects around 10 million pensioners, has sparked concerns among campaigners.

The decision is seen as part of Reeves’ larger strategy to address the UK’s financial woes, with tax hikes and spending cuts expected to be a central focus.

The Chancellor has reportedly been reviewing multiple tax exemptions, including the “normal expenditure out of income” loophole, which has allowed wealthier families to save on inheritance tax.

Wealth managers and tax experts speculate that the exemption, which saved some families up to £60,000 in inheritance tax, could be scrapped in the Budget.

Finance expert James Ward of Kingsley Napley said: “I would be surprised if it remains intact in its current format after the next few budgets.”

However, despite these cuts, Sir Keir stressed the importance of the upcoming Budget, calling it a “make-or-break” moment for the Labour government.

He said that this will be the first Labour Budget in 15 years and will set the foundation for the party’s economic approach going forward.

Sir Keir added: “It’s the first opportunity to define the way in which we will approach the economy, and that’s why I say we will fix the foundations and rebuild the country.”