The Labour is losing the plot, even those close to the City are laughing at her.
It has been sad to see Rachel Reeves sucking up to American private equity firms buying out our pensions with private credit it is now finding hard to get a market for.
We have seen this Government sucking up to a few wealth managers making money out of ground rents by letting them continue to charge what they want till 2028 and then allowing them to take £250 a year for forty years for doing nothing.
Lining the pockets of billionaires.
The wealth managers suggest they are supporting people’s pensions but to me and Harry Scoffin and most importantly Hannah Spencer they are lining the pockets of billionaires.
Whether it is Labour’s Angela Rayner or the Green’s Hannah Spencer (with adjacent constituencies) we are hearing a different left wing conversation with the public. It is the public Harry Scoffin will be having with those in parliament who turn up to listen to him next Tuesday and with him, arguing for the rights of ordinary people getting ripped off by ground rents, managing agents and Fleece holders.
I agree with Scoffin, Spencer and even the Spectator. Rachel Reeves has got to stop lining the billionaires pockets. We voted Labour in – we expect to see a Labour Chancellor.
Private credit selling to retail investors promised double digit returns created
the anticipated “Lemming” stampead into this market. When this goes into reverse there will be a liquidity issue and collapse.
You might avoid promising 60% greater returns on other products if you wish them to have a long sustainable life.
I’m not promising “up to ” 60% more – the DWP and Pensions Minister are! But it’s backed up by the research of several actuarial firms and it is not being seriously challenged over a lifetime. The difficulty is in getting it at retirement – it will be as easy.
I also noticed that in her acceptance speech Hannah Spencer mentioned pensions (in)adequacy as one of the wrongs she was seeking to right.
I’m glad you did Pensions Oldie!