24 hours is a long time in taxation
Well, someone is not telling the truth.
Jeremy Hunt assures us that the huge tax cut for very wealthy pension savers is targeted at NHS consultants, which when it is available to absolutely everyone with the money is a weird use of the word “targeted”. Even some Tory MPs admit they thought it would only apply to NHS workers, but they obviously missed the point.
Because as the Daily Telegraph says on its front page Labour’s commitment to reverse this huge give away to the rich, “will hit millions”.
Which I suppose is true, if millions of us win the pools or the lottery but let’s be clear this is a huge tax cut available to a very few, who have up to £60,000 a year to put in their pensions.
Still it took only 24 hours for the Tory press to turn it into “Labour is coming for your pension”. So not £1 billion a year thrown away for no good reason, but a nice Tory vote winner.
Nice to know we have the money to spare for this kind of thing.
Oh, and by the way, since this is supposed to be designed to keep high paid workers in work, the fact that their pension pot is virtually unlimited means they could afford to retire very early in deed.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media