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Stakeholder branded as a failure by Tories

Tory leader Iain Duncan Smith has accused the Chancellor of being opposed to savings and pensions, branding stakeholder a failure and criticising the Government for not tackling annuity reform.

Answering the Budget speech, Duncan Smith said stakeholder has failed to reach its target audience. He said: “Stakeholder is a failure, with only one in 10 of its target audience taking it out.”

The Government said in the Budget notes that it was concerned about the move from defined-benefit to defined-contribution pension schemes. But Duncan Smith criticised the Chancellor for not dealing with the issue in the Budget.

The Tories again attacked the removal of advance corporation tax dividend credits.

The Association of Private Client Investment Managers and Stockbrokers joined the attack on the Chancellor. Chief executive Angela Knight said Brown had missed the opportunity to address stamp duty on shares, simplify capital gains tax and Isa rules and introduce measures to allow pensioners to invest their funds sensibly and effectively. She says all needed urgent reform to encourage investors.

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