FTSE bosses have warned “damaging uncertainty” about Rachel Reeves’s Budget is undermining the pensions industry and harming the property market.

Michael Summersgill, the chief executive of investment platform AJ Bell, said a failure by the Chancellor to rule out changes to pension tax rules had sparked concern among the public and removed vital stability from the market.

Separately, Guy Gittins, the chief executive of Foxtons, blamed uncertainty about what will be in the Budget for a sharp slowdown in home sales in London.

Mr Summersgill said: “Speculation over pension taxation ahead of the November Budget, which has developed in the absence of a clear and lasting government commitment to pension tax stability, creates damaging uncertainty for customers and advisers.”

The concerns include the possibility that the Chancellor will cut back the tax-free lump sum that pensioners can withdraw from their savings, or restrict tax relief on workers’ contributions to their pension pots.

Savers rushed to withdraw cash from pension pots before last year’s Budget, with more than £70.8bn pulled from their pots in 2024.

Advisers are experiencing a similar stampede now. Faye Church, a wealth manager at Rathbones, recently told The Telegraph that “heightened anxiety among clients” had led to a recent surge in “the volume and complexity of queries”.

On Thursday, fund manager Schroders said it had recorded a 5pc rise in assets under management, taking the total to almost £817bn. Meanwhile, St James’s Place also received net inflows of nearly £2bn, taking funds under management to a record £212bn.

Rae Maile, an analyst at Panmure Liberum, said uncertainty about the Budget was pushing more savers to seek professional help from investment managers.

“Additional changes to an already complicated personal savings environment from the upcoming Budget will only reinforce the need for advice,” he said.

In a third-quarter update, AJ Bell said it now administers assets of over £100bn – with more than 100,000 new customers joining its investment services over the past year.

Mr Summersgill vowed “to campaign for a government commitment to stability on pension tax incentives, allowing customers to plan with greater certainty”.

“Although the Government has committed to boosting retail investing and positive progress is being made on targeted support measures to help more people invest, uncertainty around government policy continues to cause disruption,” he said.

Separately, Foxtons warned of a steep slowdown in house sales amid uncertainty over the Budget.

The London estate agent posted a 7pc decline in sales for the third quarter and said activity would “likely remain subdued for the rest of the year”.

Guy Gittins, chief executive of Foxtons, said: “Macroeconomic uncertainty and speculation surrounding the delayed Autumn Budget has resulted in a subdued sales market as some buyers adopt a ‘wait and see’ attitude to purchases.”

The estate agent has downgraded its profit forecasts for the full year to £23.2m, from previous guidance of £23.7m.

Shares in Foxtons fell by around 5pc, after dropping by as much as 11pc in early trading.

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