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Complicated and small changes reduce the power of the chancellor’s moves

The dividend tax hike is expected to hurt investors and discourages entrepreneurship

Investors welcome greater headroom – but could market calm be shortlived?

Rachel Reeves opts to raise income tax ‘by stealth’

The policy change will lead to smaller pension pots over time and apply further pressure on businesses

Reeves also freezes all Isa allowances until 2031 and announces that Lifetime Isas will be reformed

UK-listed players that make more of their money online will be disproportionately affected

Landlords are among the worst-hit, but the outcome for the broader sector could have been worse

It’s been an unusual reaction from markets, given that spending is frontloaded and restraint backloaded

The change could severely impact fundraising in the sector

Supermarkets and stores with higher property valuations are set to lose out

The energy profits windfall tax will stay in place until March 2030