View more on these topics

Ed Miliband pledges to cap welfare spending


Labour leader Ed Miliband has today pledged to cap overall spending on welfare if he becomes prime minister in 2015.

Speaking in Newham today, Miliband said welfare spending needs to be reformed and costs need to be brought under control.

The Government has introduced a cap of £26,000 on the amount households can claim in benefit payments that Labour has opposed in parliamentary votes.

Miliband said: “Planning social security over three years should become a central part of each spending review. And I also believe that a cap on social security spending should be part of that planning process.

“Because what governments should be doing is looking three years ahead and setting a clear limit within which social security would have to operate.

”Now, clearly there are detailed issues that need to be worked on to make any cap sensible. The Government has also talked about a cap on social security. And we will look at their proposals.”

Miliband re-iterated calls by shadow chancellor Ed Balls to cut winter fuel allowance for 40p and 45p rate taxpayers. He also pledged to keep the Government’s cut to child benefits for one person earning more than £50,000 a year.

He said job seeker’s allowance should be reviewed and housing benefit costs should be reduced by building more homes and allowing councils to negotiate cheaper rents on behalf of recipients.

Miliband also pledged to increase the retirement age to deal with rising state pension costs and people living longer.


Comment of the week: The real competition to protection

Reading the comments following the article I can see unfortunately once again the market reacting against anyone trying to move protection in the right direction. 61 per cent of families in the UK have no protection in place – is that a resounding triumph for the way in which protection has been sold in the […]


Sally Laker: All the evidence points to an improving mortgage market

I know that we have been here before and that everything can change in the blink of an eye in the property market. But I have been reviewing some of the facts and at last they do seem to be standing up and confirming my observations that the mortgage market is moving in the right […]

Japanese growth revised up to 4.1%

Japan has revised its first-quarter economic growth up to 1 per cent, as part of government data released today by the Cabinet Office. Revisions to official data show the Japanese economy grew at an annualised rate of 4.1 per cent throughout the first quarter, up from an original estimate of 3.5 per cent. Japan’s original […]


John Greenwood: There must be a better way for DC schemes to invest

The one advantage Nest has over all other workplace pension providers, for the moment at least, is its long-term hold on its members’ cash. Once in Nest, cash deposited there cannot get out until retirement, which means the provider has greater scope to invest in illiquid assets than other providers. This is one reason why […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm