Gordon Brown Knowingly Destroyed British Pensions
The legacy of Labour is becoming clearer by the day and it shows that Tony Blair was for the first time ever 100% right when he said that Gordon Brown was mad, bad and dangerous, he could have, however, more accurately described Brown as a “complete cunt“.
Documents obtained under the FoI Act show just what happened to British Pensions from May 1997
The uncovered documents, obtained under the Freedom of Information Act, show how the Labour Government was warned that changes they were planning to the tax system for pension funds could result in a 20 per cent fall in share prices, with a massive knock-on effect on pensions. Labour Ministers ignored these warnings and proceeded with the changes.
The decision to abolish dividend tax credits has been estimated to have cost British pensioners up to £150 billion, and was described by one Pension Fund expert as the ‘biggest attack on pension provision since the war’.
All so Brown could pour more money into benefit scroungers and unfettered immigration, public sector non jobs and quangos
Brown ‘destroyed our pensions system’ according to Blair’s pension adviser. Ros Altmann, a former pensions adviser to Tony Blair, insisted that Brown’s tax changes had started the rot from which Britain’s pensions have never recovered. She said: “This chancellor will go down in history as the one who destroyed our pensions system… Brown knowingly destroyed what was once one of the great pension systems in the world and he did it deliberately’ (quoted in The Times, 1 April 2007).
Why is that time and time again stores come out about Brown being mad, bad and dangerous and Blair and Labour still allowed someone who was not Prime Minsterial material to become Prime Minister?
The answer is obvisouly power at any price, if the Scottish mad man destroys the country so what? Labour would still hang to power, and with enough 3rd generation benefit scroungers and immigrants might just pull off a 4th term. Then there was the backup plan that they could ride to power when the outgoing government has become so unpopular sorting out the mess that Brown left behind.
Labour were warned that a pensioner with a £10,000 pension could be £2,000 worse of per year. In a further document from the Government Actuary’s Office dated 20 June 1997, an example individual is used showing the potential impact of Labour’s policy:
“To illustrate this, a person who is about to retire and take a pension from an anticipated fund valued today at £100,000, could find his or her expectations of a pension of around £10,000 reducing to £8,000 if market prices fell by 20%.”
This assumes that all the fund is invested in UK equities, which might be argued as inadvisable so close to retirement.
The figures also assume that no tax-free lump sum would be taken.’
(DWP, Freedom of Information Request, 3 June 2010: Government Actuaries Department, 20 June 1997) Full Story here
It always confuses Aardvark, how, with Labour’s record anyone could ever believe that a period of Labour government could end in anything but financial ruin and disaster for the country.
Posted on August 16, 2010, in Labour, Labour Financial Stupidy, Labour Lies, Labour Propaganda, Taxed To Death and tagged Gordon Brown, Gordon Brown Fiscal Incompetent, Labour Government. Bookmark the permalink. 3 Comments.