Let’s be clear, until Rachel Reeves turned up, the money in your pension pot was yours and the government couldn’t get its hands on it. Today, that is no longer true.
Further, since its introduction 26 years ago, the savings that you put through ISA, which are tax free (thank God something is), were deliberately generous to encourage everybody not to be a burden on the state in later life. That is no longer true.
I always reach for the Ronald Reagan quote when I hear a Labour government suggest they have a financial plan which will assist the country. Remember? He said the nine most dangerous words in the English language were; ‘’ I’m from the government and I’m here to help.’’
The Chancellor’s plans for your pension pots and savings would not be helpful, they would be harmful. As The Times points out, it’s state intervention with a vengeance.
This is how it’s going to work. Reeves believes that more money should be going into British property, British infrastructure and British start-ups. Not a bad thought, but the pension funds which handle your money believe they would get a better return from you elsewhere.
And it’s their job to make as much money for you so you have a happy and carefree retirement. Reeves doesn’t agree with that. She is looking at your pension pot as an unrealised reservoir to drive growth for her cash-strapped government, which her government cannot finance.
This is not her money. So, the pension funds are pushing back, and Reeves is telling them basically, if you don’t put your cash into my mad projects, then later this year, I am going to force you to allocate a certain percentage of your portfolios into my projects.
Basically, the funds would be made to put their customers’ nest eggs into financial adventures they don’t believe in to satisfy socialist quotas. How wrong is that?
Rachel Reeves is eyeing up your pension pot to fund her mad projects. She must be stopped - Kelvin MacKenzie
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How could fund managers justify making less attractive domestic investments over more lucrative foreign ones?
Surely, if we wanted to make Britain great again (is that possible?), we should reduce taxation (at an all-time high) and take the cost of employment down (reducing NI for employers) and scrap employment rights legislation.
All of those burdens have been imposed by Starmer and Reeves.
Leave our pensions alone. You have buggered up quite enough already we don’t want your sticky fingers ruining the final years of our life.
But that sense of entitlement with your wealth doesn’t end with pensions. Reeves also has her beady eye on the valuable tax-free ISAs. It’s clear she wants to cut the tax-free limit down from £20,000 to £4,000. Why?
Cutting the benefits of saving into cash ISAs will only punish those who prudently save for the future. We already have enough in the UK- and they arrive by boat every day - of the other sort, who are nothing but a financial burden on us.
We should cherish the savers.
Reeves wants you to be forced to invest in what is good for Labour’s Britain – higher benefits come to mind, rather than what is good for you.
What is dreadful is that as time goes by under a Labour administration, Reeves realises they can’t impose higher taxes on us and has decided that stealing our savings and pensions is all that’s left.
I trust you will contact your Labour MP to make clear this is not acceptable.
