He’s scrapped a plan to reduce pension tax relief for higher earners because affluent voters might turn away from his party.
We may speculate that somebody had a quiet word with him, telling him to spike the idea. But here’s the thing:
He must have known that was going to happen, mustn’t he?
So why did he suggest it as a policy? To convince us that the Conservative Government really wants everyone to do their bit to cut the deficit and the national debt?
Well, he has succeeded in the exact opposite.
This U-turn shows definitively that the rich who created those debts are relying on the poor to pay them off.
George Osborne has been forced to abandon a package of pension reforms, including reducing tax relief for higher earners, amid growing concern that their introduction could have prompted a backlash from affluent voters.
With less than a fortnight to go before the budget, Treasury insiders took the rare step on Friday of ruling out changes that had been mooted. The proposals had included the more radical option of creating a “pensions Isa” that would have eliminated pension tax relief for all those in work.
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