– George Bull, Senior Tax Partner at Baker Tilly
News that Ed Balls is proposing another Labour tax raid on pensions brings back to mind one of Gordon Brown’s early actions as Chancellor when his own pensions tax raid – affecting all employer and personal pension plans and therefore most potential private sector retirees in the UK – raised billions for the Exchequer at the expense of people’s pensions.
With memories of the Brown tax raid still lingering, it’s odd that Ed Balls seems to be leading on a Robin Hood-style approach, robbing what he defines as the rich to help those without jobs.
Labour has pledged jobs for every unemployed person over 25 and out of work for more than two years, which they must take up for six months or lose benefits. It will be paid for by a cut in pension tax relief for top earners