View more on these topics

Rich pickings

General opinion is that there are very few young people who intend to vote while most over-55s intend to do so.

So, predictably, the Conservatives are promising that those who have the most will hold on to as much as possible. They are still living in the Thatcher days when the electorate was mainly moved by self-interest.

When so much wealth is held by such a small percentage of the electorate, why not entice them with low taxes and small-minded policies?

And, of course, there will be those who are not wealthy but hope to be one day.

The Tories will let families keep more of what they earn – to make their own spending choices – by cutting taxes on people and Government and promising no loss of services.

Good news for those with high incomes. No change there, so that&#39s alright then.

They will abolish taxes on savings and dividends at all levels, helping the deserving rich. Can someone tell me, are there any undeserving rich?

The Labour manifesto is altogether a different matter. The party admits it has not yet turned the decline of 18 years into the promised land that many of us voted for but ask: “Please, give us another cha-nce to put it right.”

The 1 per cent annual management charge world is here and is likely to spread to other products. Cat-standard Isas and mortgages and stakeholder are the beginning. This will make the biggest impact on our industry.

We will, at last, say goodbye to those who take maximum commission on every case possible – salespeople rather than advisers.

Labour will continue to help the poorest in society and will build on the measures brought in – minimum wage, working family tax credit, children&#39s tax credit and doing better for pensioners.

Mortgage rates are lower than they have been for over 30 years, making payments a lower percentage of our mon-thly pay. Labour will do all this and not increase income tax.I am not sure whether to laugh or cry.

The Liberal Democrats will make the link between taxation and spending clearer, perhaps giving us a choice of how tax money is spent.

“Would you prefer to give the additional 1 per cent inc-ome tax to the local school or to the hospital at the end of the road?” Very seductive.

Their big story is about tax. The LibDems have stolen some of Labour&#39s clothes by promising higher taxes for the rich and lower for the poor.

The problem with this sensible plan is that the voters don&#39t like it. When asked, we all say yes to tax increases but in the privacy of the ballot booth, historically, we vote for low tax. The income rich, those earning over £100,000 a year, will pay more tax. At that income level, it will not be too much of a burden.

For the majority of the population, those earning less than £25,000, the tax burden will reduce. Those earning less than £6,500 will pay no tax at all. Unfortunately for the LibDems, those low-paid wor-kers do not turn out in great numbers to vote.

All the manifestos promise increases in state pensions and that they will look at the compulsory purchase of annuities at age 75.

Liberal Democrats admit they do not expect to gain power. They hope to become the biggest opposition party, able to influence policy. This allows them to offer the most creative policies of the three.

As a woman who has been a lifelong Labour voter, I found the LibDems&#39 policies very attractive. A friend told me that there is a tactical voting website, maximum use for minimum effort. Perhaps this time I will surf the web before casting my vote.


First impressions you cannot count on

Given that one of the few things all parties agree about is the importance of the grey vote, it is a little surprising to find the Labour manifesto devotes less than a page of the 46-page document specifically to pensions and pensioners. The manifesto has three themes – What&#39s Been Done, Next Steps and 10-year […]

Fund firms take more aggressive line in ad drives

UK fund managers are taking a more aggressive approach to consumer advertising in a bid to be noticed in the inc-reasingly saturated retail inv-estment market. Many managers are naming and shaming poorly performing competitors in their ads, leaving those which have traditionally adopted a more subtle approach to rethink their strategy. Gartmore, which has traditionally […]

&#39Mortgage Brain sale may fall foul of Euro rules&#39

Common trading platform provider Mortgage Brain could fall foul of European rules on restrictive competition, a leading technology expert has warned. Financial Technology Centre director Ian McKenna says the move could come unstuck under the same legislation which led to CTP provider The Exchange being sold off by life offices three years ago. McKenna says […]

Gateway may be locked to IFAs

Having looked at the proposed Child Trust Fund and some current tax-effective savings and investment opportunities for children over the last two weeks, I would like now to turn my attention to the other new savings proposal in the Government&#39s consultation document. Greatest publicity seems to have been given to the Child Trust Fund but […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


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