Last Wednesday morning the twittersphere was awash with early sightings of the Easter bunny – aka George Osborne’s budget rabbit. The Treasury had helpfully “predicted a surprise” (that’s not a prediction – they had already printed the press notices and the Red Book), and action for savers was repeatedly trailed in between the welter of forecasts about help for cathedrals and theatres and 1p off beer duty. And when the rabbit finally came it was a big one – new freedoms for pensioners to spend their pension pots, freeing them from the curse of the dud annuity and a raft of other measures to help the savers who had seen their returns dwindle to save the economy through five years of QE. The Opposition was wrong-footed. But the issue became one of trusting the people versus patronising politicians – and nearly 93 years of pensions rules (we give you tax relief if you make irreversible long-term provision for your old age) were blown away at the speed of an accelerating Lamborghini. By Friday, Labour had decided that it needed to get out of the way of that speeding consensus before its electoral prospects with older (more likely to vote) voters […]

Original source – Blog

Comments closed