George Osborne is a smart man, and in theory has the right instincts in relation to his electorate, but:
..pensions are the new target as the Chancellor scrabbles around for extra cash. Currently, pension contributions up to £50,000 a year (a mind boggling sum for most of us) are tax exempt. That could be cut to £40,000 (it was recently as much as £255,000) to scoop up an extra £600 million for the exchequer.
George is in a financial hole because of
1. The demented Gordon Brown
2. His softly softly and failing approach to cutting public spending, despite numerous soft targets
3. His failure to employ supply side measures, such as meaningful tax reform
Naturally, points 2 and 3 can largely – but not solely – be laid at the door of the laughably bad Lib Dems, who more than ever are the tail wagging the Tory dog.
But if this pension raid does go ahead, I’m voting UKIP, and so will many many others in medicine and beyond.
(apologies to international readers for this self centred moan)