The Prime Minister spoke today at the Bank of England to celebrate its 20 years of independence. But she has failed to recognise the irony of trumpeting the virtues of capitalism in the seat of monetary policymaking which has, for the past ten years, undermined many of the principles on which capitalism is based. In
A parliamentary committee has concluded that the triple lock on the state pension has to go because it is “unsustainable” and “unfair” on younger families. The pledge means that each year, parts of the state pension will be increased by either inflation, earnings or 2.5pc – whichever is the higher. When I served as pensions minister, my
Today’s rate cut and announcement that there will be more QE means more pain for UK pensions – yet the Bank of England statement seems to completely ignore the pension impacts of its policies. Estimates suggest pension deficits are now approaching £1trillion – which, surely, cannot be sustainable. Here are some thoughts on the today’s decision to cut the interest rate to 0.25pc and to rev
I am extremely shocked by the news of Iain Duncan Smith’s resignation and the way he has behaved. Having worked alongside him as a minister in the Department for Work and Pensions, I have seen that he championed the very package of reforms to disability benefits he now says is the reason he has resigned. I
George Osborne has today said that he’ll allow people to sell their annuities for cash, and will consult on how best to establish a market for second-hand annuities. This move will be popular with many of the five million or more who have been forced to buy these annuities in recent years. Here’s what you need
The good news on pensions just keeps on coming. Today, at the Conservative Party Conference in Birmingham, George Osborne will today announce the abolition of the draconian 55 per cent pension death tax. There’ll be no inheritance or income tax if funds passed on as pension. There had been expectations of this being cut, perhaps to 40 per cent, but the Chancellor
UK insurers have been under fire since George Osborne’s Budget, and many must be reeling from the shock of it all. Suddenly the landscape seems to have changed. No longer will people be forced to buy annuities, and suddenly people have a lot more options. As an observer who has for so long campaigned on
After so many years of waiting for good news on pensions and savings, suddenly so much comes at once. Like the proverbial Number 13 buses, a whole raft of policies has all come at once – and they are good news. It’s also a brilliant Budget for Tory election prospects of course. The devil of
