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Miliband attacks Govt’s lack of action on pension charges

Ed Miliband
Ed Miliband responding to the Queen’s speech

Labour leader Ed Miliband has attacked the lack of action in the Queen’s speech on tackling high pension charges as well as payday loans.

The Government yesterday set out its legislative agenda for the year with bills on long-term care funding, pensions reform and deregulation.

In a debate in the House of Commons following the Queen’s speech, Miliband said: “There is no real action on living standards. This speech has no answers. No action on train fares, no action on payday loans and no action on private pension charges. People are worse off under the Tories.”

Miliband said the Government had “no answers to Britain’s housing crisis” and criticised the lack of house building, claiming housing completions are at their lowest level since the 1920s. 

He also re-iterated his criticism of the Government’s banking reforms claiming it should focus on creating a regional banking system.

Labour wants to see the Bank of England given a reserve power to separate all banks if they do not abide by the ring-fence rules, as recommended by the parliamentary commission on banking standards. The Government is only giving it the power to separate individual banks in the banking reform bill.

Miliband said: “We have another fudge from the chancellor. He has not even done the recommendations of the all-party banking commission. He is wrong on the banks.”

Informed Choice managing director Martin Bamford says: “If this Government is serious about fairness for consumers, it should tighten up the rules for payday lenders and also parasitic claims management firms, which are costing us all a ridiculous amount of money.”


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There are 7 comments at the moment, we would love to hear your opinion too.

  1. Once again an attack on pension charges without any actual factual figures. Cheap shots from a party bankrupt of ideas.

    A regular premium policy paying £100 pm with a 1.5% charge is hardly going to make the life office or adviser a fortune if shown in monetary terms.

    This is like attacking supermarkets for having a 1.5% mark up on tins of beans.

  2. I agree with you Sean, the man is an incompetent idiotic fool.

  3. Pensions could be charge free and people still wouldn’t save any more. Have to agree with Sean@2.35pm

  4. Pension charge 1.5% maybe. Pay day Loan 4500% Get real Milibandit

  5. It’s not the charges he should be commenting upon it’s the falling annuity rates that are having a greater impact on pension income.

  6. Perhaps we should ask how many pension plans an IFA charging 1.5 % would have to advise on to match “Silly Milly’s salary and expenses.

    He is simply seeking “brownie points” with the public. Pathetic

  7. Julian Stevens 10th May 2013 at 5:07 pm

    And the reason nobody would save any more into a pension plan even if they were completely free of charges is because this government has done nothing whatsoever to put right 25 years of prejudicial meddling by successive governments, despite the Conservatives in their pre-election manifesto pledge having promised to do exactly that. In fact, this government has only made matters even worse by cutting the LTA and the Annual Input Allowance.

    Miliband doesn’t know what he’s talking about. He’s just looking for opportunities to score a few cheap brownie points. Bozo.

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