Advisers have hit out at Labour’s alternative Queen’s speech, claiming the party is indulging in “fantasy economics” and “meddling” in areas it does not understand.
The Government will unveil its legislative agenda for the coming year on 8 May with bills on long-term care funding, banking and state pension reform.
This week, Labour leader Ed Miliband set out six bills a Labour Government would introduce in next week’s Queen’s speech.
Labour’s policies include the power for regulators to separate all banks unless they abide by the ring-fence rules, the creation of a bankers’ code of conduct, a 1 per cent cap on pension charges and a national register of landlords.
Informed Choice managing director Martin Bamford says: “This is fantasy economics. These ideas show just how out of touch the Labour party has become with business and economics in Britain today.
“Rather than meddling, Governments need to create a robust regulatory system and then leave businesses alone to create a competitive environment for the benefit of consumers.”
Jacksons Wealth Management managing director Pete Matthew says: “Labour should be wary of meddling in things it does not understand. In lots of areas of financial services such as fund and share classes, the market is working and we just need a regulator with the teeth to deal with abuse.”