View more on these topics

Pensions minister brands Grayling Cameron’s “attack dog”

Pensions minister Mike O’Brien has hit back at Tory Shadow Work and Pensions Secretary Chris Grayling calling him Cameron’s “attack dog” after Grayling accused the Labour Party of pensions robbery.

The Conservatives are claiming the Chancellor’s move to bring forward the flat rating of the S2P to 2009 could amount to a new £2bn raid on pensions.

But in an interview with Money Marketing, O’Brien said Grayling’s deputy Nigel Waterson agreed to the policy and that Grayling’s predecessor Philip Hammond also signed up to the policy.

O’Brien said: “Chris has sort of been identified as the Cameron attack dog and he just basically can’t stop himself from attacking. Chris is a much more abrasive character than Philip Hammond but has he got the maturity to recognise the importance of consensus on this issue? I think you are better off asking him whether he has that maturity. He tends to want to attack almost for the sake of attacking.”

O’Brien also accused Grayling of not knowing what his own party’s policy is and that it remains to be seen whether Grayling is set on demolishing the consensus around pensions.

O’Brien said: “He can do it if he wants to. That is going to be a decision for him and his maturity and whether he puts opportunism before long-term constructive political consensus.”

Yesterday Grayling said: “After the damage that Gordon Brown has done to our pensions system in the past ten years, it beggars belief that his Government would bury another multi-billion pound tax raid on pensions in the small print of its pre-Budget report.

“This is nothing less than a new stealth tax on retirement, and will mean a pay-cut for large numbers of pensioners at a time when they are already under financial pressure from big increases in their cost of living. The Government obviously thinks it can bury the bad news and get away without people noticing. It won’t succeed.”

Recommended

Course for complaint

It is indicative of our society that people will cash in whenever they can

Climate’s in the hot seat

Chris Salih on how firms have been quick to jump on the climate change bandwagon and introduce funds. Are they a passing phase or will they stand the test of time?

Jupiter appoints Riggall as international sales manager

Jupiter has appointed Mark Riggall international sales manager a role that encompasses the management of its global life company relationships.Riggall has more than twenty years experience in financial services and will work as part of Jupiter’s international sales division to develop relationships with international life companies. He has worked for 11 years M&G as one […]

It’s too soon to write Apple off

By Ali Unwin, Chief Technology Officer & Fund Manager at Neptune Earnings season is noisy in the technology sector and a good quarter does not make a good investment. Numbers that come in marginally ahead or behind ‘market expectations’ are extrapolated to produce narratives showing the rise or fall of companies. Our job as technology […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com