Friday, March 30, 2007

Brown's culpability in pensions scandal?

Some great canvassing this week with a really strong team out in Aberconwy.

The Labour vote seems to be collapsing and it is clear that national issues are swinging the vote towards the Conservatives as much as local issues. For example, the issue about pensions is very strong and it is clear that people are disgusted at the way that Gordon Brown has mishandled this issue.

Indeed, the Times this morning highlighted a recent Freedom of Information release which indicate that he was warned about the effect of his policies but chose to ignore this advice. The documents show that:

– The lower paid would be worse off under the new rules
– Pensioners due to retire would lose out immediately
– Businesses would struggle to adjust to the change
– It would cost pension providers £4 billion a year
– Pension benefits would be cut
– Shares could drop by between 6 per cent and 20 per cent
– The value of existing pension funds could fall immediately by £50 billion
– Local authority schemes would need topping up, leading to higher public spending
– The Department of Trade and Industry would be “gravely concerned” about having to bail out pension schemes driven into insolvency

Given that this venerable organ has been very supportive of Brown during the last few years is probably the most surprising thing about this revelation. certainly, the many retired people in living Aberconwy will be shocked at this revelation which will be yet another nail in the coffin of this party at Cardiff Bay and Westminster

1 comment:

Glyn Davies AM said...

Really pleased that this has come back to haunt Brown. Screwing up our private pension system is probably the worst thing he's done - in a very competetive field