I wouldn’t be so sure about that. They are coming after your savings (which you have already paid tax on) and pension funds. Not the copper bottomed gold plated public service pension funds. Oh no, that would never do. Just the hard working people who have contributed to their pension fund for the best part of 50 years. That’s fair game. Labour: the politics of envy, spite and hatred.
Easy targets for the last Labour government as well as this one it would seem...
After years of companies taking pension Contribution holidays and borrowing against fund surpluses (why on earth was this ever allowed? - its like refusing to fix the roof when the weather is fine) Gordon Brown delivered the coup-de-grass and killed off the private Final Salary pension schene.
Pensions have always been about deferring tax on contributions till the pension is taken. Sadly Gordon abolished substantial tax relief on dividends that pension funds received on their investments.
WIthin a few years Pension fund growth had reduced by around 10-20% and as each year passed, private final salary pension schemes became more and more unsustainable and started to close one-by-one - till they were nearly all gone to new members .
Gordon had killed the private sector golden goose leaving only the state funded pension funds that tapped tax-payers to keep payouts to civil servants retirements funded.
Employees and their pensions will increasingly be at the mercy of financial markets thanks to a coalition of culprits.
theconversation.com
Sadly Reeves is taking the same route whilst going for savings as well. I predict she will try the same trick. Maximising Inherritance Tax and Equalising Capital Gains Tax and Income Tax will probably be her 'big thing'
The result will be the same. Savings, already insufficient, will fall throwing a further burden onto the welfare state when folks suffer hard times.
Like Gordon Brown before her, breaking the UK Financial Product Industry seems to be her goal.
It really is the politics of the mad-house, killing the future to fund the present.
No wonder Joe public doesn’t save enough. After all, why save for the future when many of the benefits of saving for the future have been removed?
Incidently as Pension and Savings funds are the biggest investments in the UK economy doesn't that rather make claims about putting growth first rather laughable?