We’ve known this was the plan for years. Right?
Iain Duncan Smith has hinted that the future of Britain’s welfare system could rest in the arms of private insurance schemes.
Speaking to the Telegraph, the Work and Pensions Secretary says young people should be encouraged to save into flexible accounts, from which they can then draw out money at times of sickness or unemployment.
The model is very similar to unemployment insurance schemes in the United States, but would work more like systems that exist in the far East – such as ‘Fortune Accounts’ in Singapore.
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