Election Budget

Today I’m angry……really angry.

 

The Budget didn’t see a caring, compassionate and visionary Government do what was right for the long term good of our great land. Instead it parked the election campaign bus outside of Parliament and flirted to the point of indecency with those they are really bothered about……the voters.

 

I’m angry……really angry.

 

The nature of my job sees me exposed to the frustrated public that are sick of the claustrophobic limitations of pensions at retirement, angered by the confusing and restrictive nature of ISA’s and angered by the banks refusing to give credible interest rates to elderly savers.

 

Yet, in one 60 minute speech where “support for savers is at the centre of this budget” he attacked this by:

 

1.     Removing the need for annuities at retirement and permitted full access to a pension by way of a full lump sum.

 

2.     Simplifying ISA’s and raising their limits.

 

3.     Setting aside £10bn of new fixed rate bonds at higher interest rates for those over 65.

 

So this is all good then right? Well……the ‘fixes’ to these problems were due years ago and this has to be good news with those with money in savings / pensions.

 

But we’re missing a point if we do not revisit the quote above……

 

“Support for savers is at the centre of this budget”.

 

But there was no support for savers……just more options for those that have already saved. ‘Support for savers’ is offering tax breaks to encourage those with little or no savings to save for their long term future.

 

Now I don’t want to say I told you so but I posted ‘Know Your Voters’ in January:

 

http://stevesmithlive.blogspot.co.uk/2014/01/know-your-voters.html

 

Now consider that 75% of the population over the age of 55 will be active voters next year. And remind me which group of people this is……it’s those with Pensions, ISA’s and poor interest rate bank accounts. Isn’t that a coincidence!

 

The quote should have been “support for those that already have savings that are really frustrated by their current position”.

 

So in one 60 minute speech, George Osborne effectively made an election give away in return for votes to those that are most likely to vote. And if that wasn’t enough……the introduction of these new rules will be delayed until as close to the General Election as possible so that it is fresh in voter minds!

 

In addition, there were no incentives to encourage people to save as (pure and simply) this demographic has a low probability of voting!

 

This was the most blatant attempt at vote winning I have ever seen at a Budget. All I want from any Government / Budget is to represent us well, do what is right and do what is needed for our long term prosperity instead of it being an Election Campaign Broadcast.

 

Is this really too much to ask?

 

I’m angry……really angry.