View more on these topics

Labour blasts “childish” Tory pension attack

The Labour Party has slammed comments made by Conservative shadow chief secretary to the Treasury Philip Hammond suggesting ministers would be jailed over pension promises they have made if they were regulated.

Speaking at the Tax Incentivised Savings Association conference on Wednesday, Hammond said that if Government ministers were subject to FSA regulation they would be jailed for some of the comments they have made over the investment returns that savers could hope to achieve through personal accounts.

He said that while the Conservatives backed personal accounts in principle, they still have serious concerns about how they will work in practice.

Hammond said: “The first concern we have is about means-testing and the potential in personal accounts for the biggest misselling scandal of all time, underpinned by some of the comments made by ministers about the returns people will receive on their investment in personal accounts.

“I’m quite sure that if ministers were subject to the FSA some of them would be jailed by now.”

A Labour spokesperson says: “This is truly pathetic. As they struggle to find a coherent economic policy, yet again we can see the Tories desperately trying to make headlines.

“Given the cross-party support for the Pensions Bill, it is disappointing to see George Osborne’s right hand man make such childish comments.”

Recommended

No repayment plan on interest-only

Nearly half of the UK’s 2.9 million interest-only mortgages have no specified investment vehicle to pay off the capital, according to research from LV= by CEBR.

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment