Let's Get Political!

[Samdy Gray]

On one hand Osborn needs to increase the tax take and pensions are prime picking ground. On the other hand the government need to seriously encourage retirement saving.

This 'pension ISA' has been on the cards for a while. It satisfies the treasury because it brings the tax take forward by about 40 years. For basic rate tax payers the change would be fairly neutral in the longer term, but higher and additional rate payers would be hit the most. It'd be a big change but not necessarily a bombshell.

A more worrying potential change is the removal of tax free cash. Again something that's been talked about for an age but no chancellor has ever had the balls to do it. We'll see if Osborn does.

[Nemo]

If you're ever going to take a big political risk as a chancellor, it's probably best to do so whilst your shadow is John McDonnell.

[Ardiles]

As an MP you should definitely get properly compensated for your time at work. But you should also be banned from using private health care or sending your kid to posh school.

Also no pension. When you retire you get the state one.

Spot on (x 1,000).

[horlock07]

It appears the plan is to link pension age to how long you can be expected to live, so as life expectancy increases, pension qualification age goes up. Therefore they'll get their pensions earlier in Scotland, as they die younger.

One thing is for sure, this government is not to be trusted.

I am inclined to agree although I would change your finala sentence to 'any government is not to be trusted'

[horlock07]

On one hand Osborn needs to increase the tax take and pensions are prime picking ground. On the other hand the government need to seriously encourage retirement saving.

This 'pension ISA' has been on the cards for a while. It satisfies the treasury because it brings the tax take forward by about 40 years. For basic rate tax payers the change would be fairly neutral in the longer term, but higher and additional rate payers would be hit the most. It'd be a big change but not necessarily a bombshell.

A more worrying potential change is the removal of tax free cash. Again something that's been talked about for an age but no chancellor has ever had the balls to do it. We'll see if Osborn does.

I don't think it is anything to do with Osbornes knackers (incidentally did anyone see the repeated slow motion shot of Lallana's knackers on the Liverpool City game last night!) and more to do with we have a government that is essentially free to do what it likes at the moment due to the lack of a cohesive and credible opposition. If Labour can stop squabbling about things and actually think about the Country for a second rather than personal ideologies, we may all have a chance, otherwise we are getting a fairly good idea of what a dictatorship feels like.

Been reading about Mussolini at the moment and the manner in which he got to power, and consolidated, whilst those to the left bickered and procrastinated has some worrying parallels with the present situation.

[Ardiles]

On one hand Osborn needs to increase the tax take and pensions are prime picking ground. On the other hand the government need to seriously encourage retirement saving.

This 'pension ISA' has been on the cards for a while. It satisfies the treasury because it brings the tax take forward by about 40 years. For basic rate tax payers the change would be fairly neutral in the longer term, but higher and additional rate payers would be hit the most. It'd be a big change but not necessarily a bombshell.

A more worrying potential change is the removal of tax free cash. Again something that's been talked about for an age but no chancellor has ever had the balls to do it. We'll see if Osborn does.

The main reason taxing 'on the way in' (ie removing tax relief on contributions) is so much less attractive than taxing 'on the way out' is that the pensions saver loses 40 years of compounded investment gain on the tax relief.  This would kill pensions.  It's poisonous.

[Samdy Gray]

I personally don't think they'll do it. We're most likely to see a flat rate of relief of around 25%.

We'll have to wait and see what actually happens on the 16th though.

[Samdy Gray]

No need to wait, my feelings were correct; it would appear George has "abandoned" his plans to reform pension tax relief.

Now would that be due to public pressure, or just political posturing what with the EU referendum pending?

[Ardiles]

It was a policy driven solely by a short term aspiration to cut the deficit, and completely at odds with other initiatives aimed at averting a pensions crisis.  Glad he's backed down.  It was wrong all along.

[jonny72]

It was a policy driven solely by a short term aspiration to cut the deficit, and completely at odds with other initiatives aimed at averting a pensions crisis.  Glad he's backed down.  It was wrong all along.

He's backed down as he bottled it with the EU Referendum coming up.

What's really wrong is that people who can afford to pay £40k a year in to their pension fund can get up to 45% of it back as tax relief. Same for the lifetime £1.25m cap, which is more than the average person earns in their entire working career.

[Nemo]

Bath & North East Somerset are having a referendum on having an elected mayor. Anyone live in Bristol and have a view on how it's worked?

I might go along and spoil my ballot, I've never done it before and think it might be fun. I'll write in "Scotland should be an independent nation" or something like that to confuse the counters.

[REDBUCK]

The position of mayor, someone who can get things done over and above the council infighting appealed to the locals and they voted in the independent as they were fed up with politicians and he was the best of an uninspiring bunch.

However, I think you'll find it hard to find anyone that thinks the current mayor has been anything other than a failure.

[Reg Smeeton]

 See our erstwhile TEF member and Trust Board hopeful, Justin Tomlinson has been wheeled out to do the Tories dirty work on the disabled....literally, cutting their benefits for things like help with incontinence.

[inept and tiresome]

See our erstwhile TEF member and Trust Board hopeful, Justin Tomlinson has been wheeled out to do the Tories dirty work on the disabled....literally, cutting their benefits for things like help with incontinence.

Speaking as an ex, old, Labour voter. Even I can see the disabled card as been abused by a lot of people. If we was starting a new welfare system, we wouldn't start from here that's for sure. Unfortunately, because of the wide spread abuse of the system a lot of innocence will be affected. For all those who have played the system, hang your head in shame.

[pauld]

Slashing a billion off already pitiful payments to make life more bearable for the disabled, kicking the most vulnerable in society, lovely. We're all in this together, eh Dave? Disgusting