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MM leader: Isa cap would be a huge mistake; Ukip’s stonewalling could be costly

The Treasury may have been flying plenty of tax policy kites over the summer but any early-stage plan to cap Isa pots deserves to have its string cut off straight away.

The Sunday Telegraph reports the Treasury has been discussing plans to cap the amount an individual can hold in an Isa. The Treasury denies it is looking seriously at such a move but admits to have been in “listening mode” over the summer.

Given low savings rates, the Government should be exploring more ways to encourage an aspirational savings culture, not mulling a new tax on investment performance.

Any such cap could hit the investments of people who have been diligently saving on a regular basis over the years and do not deserve to become the target of politicians looking to engage in cheap symbolic gestures ahead of the general election.

A cap would have a retrospective impact on the pots of people who assumed the incentive structure they were promised at the time would be honoured.

It would also send a terrible message to a nation already lacking confidence in long-term savings due to a generation of politicians obsessed with tax rule meddling in order to claw back a little more revenue at a time.

Time for Ukip to fight UK’s corner? 

With around three-quarters of financial services regulations emanating from the European Union and the UK’s unique intermediary landscape, advisers need a strong voice at the table.

Research in this week’s issue reveals Ukip MEPs turned up for only 65 per cent of parliamentary votes between 2009 and 2013, compared to an average of 80 per cent for all UK MEPs.

Ukip says it will participate in close votes but as its main purpose is to push for an EU exit it has no intention in engaging with policy matters.

The party refuses to attend trialogue meetings between the parliament, European Commission and council of ministers, where important policy details are decided.

With some predicting Ukip could win next year’s European elections the UK’s representation on important financial services is likely to weaken further.

While pushing for a European Union exit, Ukip may wish to reconsider the stonewalling tactics it is employing until, if ever, its dreams are realised.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. ?The people that vote Ukip meps in want us to come out of the EU so sitting in the European parliament is not their top priority.

    Spreading the ukip message and forcing a referendum is their main priority.   Using MEP expenses to fund their campaign has been a clever strategy.

    It is the only way that a new party can break up the 3 party monopoly without massive donations (I know they UKIP have been getting some backers lately but without the success UKIP have had already they wouldn’t have got these backers).

    UKIP voters want out of the EU so spending money travelling around the UK (and across Europe) campaigning against the EU is exactly what his voters want, getting it all paid for by the EU makes his voters very happy. The wishes of the UKIP voters are being fulfilled so this is democracy working at it’s finest.

    Being in European Parliament also gives them a powerful platform to voice their opinions and spread their message to the rest of Europe and beyond – take a look at youtube for the way that their Parliamentary speeches are recieved so positively around the world.

  2. Oh dear a UKIP troll! Well at least their strategy is laid bare ,but if we are funding them and they are working to their own agenda then why vote for them,they are certainly not helping this industry now and probably never will ,despite Farrage’s posturing and references to his FS past!

  3. Paul

    I think that maybe the first post was a joke:

    The Big Lebowski (1998 Film)

    “Dude” Lebowski, mistaken for a millionaire Lebowski, seeks restitution for his ruined rug and enlists his bowling buddies to help get it.

    This guy is obviously that comedian.

  4. You don’t seem to understand how the MEP elections work – it’s proportional representation so:-

    if 20% of the electorate vote UKIP

    then approx 20% of UK MEPs will be UKIP

    and 20% of the electorate don’t want sheep MEPs that vote for over regulations and red tape that ruin industry

    and then those UKIP MEPs won’t be wasting their time getting massively outvoted in an institution that neither they nor their electorate believe in.

    20% of the electorate get 20% of the representation in the way that they wish it. Do you not believe in democracy?

  5. Paul. Neither you or the British taxpayer is funding UKIP, unlike the opposition parties who are funded by the media, bug business and unions. VOTE UKIP

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