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Speaking on BBC radio, Sir Keir Starmer is asked about the tax-free lump sums people can take from their pensions.

According to Hargreaves Lansdown, “this applies to the tax-free element of certain lump sums, capped at £268,275  – amounts exceeding this allowance are taxed at your marginal rate”.

Sir Keir says: “It runs out in a number of years, and we’re not going to renew it.”

He then says, however, that Labour would review the plans in two or three years when they come up for renewal.

This, Sir Keir says, is not something he can promise now due to the economic conditions.

Labour later clarified the leader of the party was talking about a different policy.

A spokesperson said: “The ability to withdraw 25% of your pension as tax-free lump sum is a permanent feature of the tax system and Labour are not planning to change this.

“Keir was referring to temporary tax breaks in the system that are due to expire and which the public finances assume will not continue, like increasing the stamp duty threshold for first-time buyers from £300,000 to £425,000.”