How Labour plans to raid your savings and pension fund

Labour have released details of their damaging plans to renationalise the water industry – which would mean millions of people losing money in their retirement.

Some of the biggest investors in these companies are the savings institutions, insurance companies and pension funds, which look after the savings of millions of ordinary people.

If Labour nationalises the water companies and pays less in compensation than they are worth, it will be those millions of ordinary people whose pensions and savings will be worth less as a result.

Of course, Labour have form for this sort of trick. One of the first things Gordon Brown did when he became chancellor was his five billion pounds a year raid on pension funds, which took more and more as the years went on and essentially wrecked Britain's pension provision.

So you can's assume it will only be "the rich" who pay for Labour's programme if they win. If you have any savings, if you are paying into an occupational pension scheme, Corbyn and McDonnell have YOUR money in their sights.

Key facts: 
  • Labour plans to renationalise water companies, paying considerably less than their market value.
  • John McDonnell said under a Labour government, parliament would decide the ‘appropriate payment’ pension fund holders will receive. 
  • This confirms that Labour are planning a massive raid on people’s pensions, letting politicians decide on a whim how much people will receive for investing their hard-earned money in a pension fund.

Why this matters: 

Under Labour’s plans, millions of people will lose money in their retirement. Once again, its hardworking people who do the right thing that will be unfairly hammered by Jeremy Corbyn’s Labour.

Comments

Post a Comment

Popular posts from this blog

Nick Herbert on his visit to flood hit areas of Cumbria

Please note that the post below was published more than ten year ago on 21st November 2009 Nick Herbert MP, shadow cabinet member for the Environment, Food, and Rural Affairs, was in Cumbria this morning to see the areas affected by the flooding. He writes on Conservative Home about his visit. Here is an extract. I’ve been in Cumbria today to see the areas affected by the floods. I arrived early in Keswick where I met officials from the Environment Agency. Although the river levels had fallen considerably and homes were no longer flooded, the damage to homes had been done. And the water which had got into houses wasn’t just from the river – it was foul water which had risen from the drains. I talked to fire crews who were pumping flood water back into the river, and discovered that they were from Tyne & Wear and Lancashire. They had been called in at an hours’ notice and had been working on the scene ever since, staying at a local hotel. You cannot fail to be impressed by the
Read more

Quotes of the day 19th August 2020

Image
"Wise men profit more from fools than fools from wise men; for the wise men shun the mistakes of fools, but fools do not imitate the successes of the wise."  ( Cato the Elder , who lived 234 BC - 149 BC, quoted in "Lives" by Plutarch.) There is a similar saying by Germany's Iron Chancellor, Otto von Bismarck: Benjamin Franklin is supposed to have put the same saying in a more humorous form: "Wise men profit by the mistakes of others, while fools will not learn even from their own blunders." See also this thread on the "Quote Investigator" website . Let us all be wise and learn from the events of the last few days.
Read more

Quote of the day 24th July 2020

Image
I was moved to put the passage below forward as a quote today when I saw a horrible post on twitter from someone writing that it was "excellent" that someone who took a different view from her about Brexit had died. I won't write which way round it was so that all the Remain supporters can assume the post was from a Brexit fanatic welcoming the death of a remainer and all the Leavers can assume it was a Remainiac welcoming one less Brexiteer. There's been plenty of nasty stuff on both sides but if you catch anyone of your own viewpoint  posting something like that who might listen to you, please do call them out on it - and point out that they're giving everyone on your side of the argument a bad name. Anyway, here's the quote from John Donne.
Read more