Or will time disolve this scandal?
2007-04-02 08:34:55 · 8 answers · asked by FRED 3 in Politics & Government ➔ Politics
Brown has fought tooth and nail to prevent this coming out. All the 'spin' resources he can muster have been utilised to save his skin. His protege or 'yes man' the appropriately named Ed Balls is now trying to get his friend out of trouble by peddling patent untruths but that is this discredited mob's usual fall back. The simple truth is that here we have an arrogant man who will not listen to the advice of others on the principle that he knows best. The result is the finest pension system in Europe ruined because of malicious incompetence. Will he turn up to be questioned in Parliament?. That is not his track record so far.
2007-04-02 09:36:26 · answer #1 · answered by Rob Roy 6 · 2⤊ 1⤋
The changes to the pensions tax regime were definitely poorly timed, but compared to the lost value in pension schemes caused by the share price collapse from 2000 to 2003 - roughly £250bn - it's a relatively small factor.
Another reason for the pensions shortfall is increased longevity - people are living longer than ever before, which means the pension schemes can no longer support the former level of payouts. GB isn't completely blameless but the British newspapers are exaggerating his guilt as most of them are essentially pro-Conservative.
2007-04-03 06:31:00 · answer #2 · answered by Huh? 7 · 1⤊ 0⤋
Why was it a disaster? He removed a tax incentive from Private Pension schemes- so what? Some people lost out - so what? Any tax change has winners and losers.
The biggest pension problems facing this country are the pension holidays the Tories let some companies take in the 1980s, which depleted funds, simply to satisfy the corporate greed of big corporations, and the simple fact that people are now living longer, so are a greater drain on the pension schemes they are part of.
2007-04-02 10:56:03 · answer #3 · answered by Anonymous · 1⤊ 1⤋
He can't 'admit' to it, it would be a resignation matter.
The money was wanted, it was viewed that raising it here would do the least damage and be repaired the quickest.
The fatal miscalculation was to expect the industry to moderate its own rewards in order to keep customers in a competitive market.
During this time actuaries and other professionals in this industry have continued to enjoy 'mega' bonuses and very healthy salaries as their fees are guaranteed as a % of the dividends paid and do not depend on the vagaries of the market place they try to manipulate. These people, like our politicians, are also rewarded regadless of success or failure.
The politicians also fell for one of their own myths, a common mistake of all politicians, they inhabit a different world where they think the outcomes they forecast will happen simply because they view them as desirable.
In this case they thought that the 'moguls' who run the pension
industry do so in the interests of their clients, where as in fact it is all about themselves. I am no supporter of Labour but they are not entirely responsible for this fiasco. Big industry wanted this to justify closing final pension salary schemes that were draining company funds as former employees are living so much longer. They needed a convenient way out and persuaded Brown this process would be good for everyone. If he is guilty of anything, it is being stupid.
The pensions 'black hole' was in part created by other professionals including actuaries and accountants that 'allowed' pension holidays where companies stopped paying in to schemes on the basis they were well ahead of needs.
If the Tories had stopped this then the situation would not be as bad today.
2007-04-02 09:45:23 · answer #4 · answered by noeusuperstate 6 · 1⤊ 1⤋
No,he will not admit it! Gordon Brown has consistently denied that the pensions industry was harmed or that workers were left facing lower pension payments. As recently as Thursday he rejected accusations from MPs that he had blundered,why would he change now.!!!!
2007-04-02 09:19:45 · answer #5 · answered by Anonymous · 2⤊ 1⤋
I don't think I can remember the last time a politician apologised or admitted he/she was wrong. Politicians appear to conduct their lives in a world of pure power, corruption, lies and spin, so no, Gordon Brown will not apologise or admit defeat, he won't even acknowledge anything is wrong, not one tiny bit :(
2007-04-02 08:40:56 · answer #6 · answered by Dr Watson (UK) 5 · 1⤊ 1⤋
Hmmmm...Teflon Gordon,Teflon Brown .....doesn't have quite the same ring to it as Teflon Tony.
2007-04-02 08:45:05 · answer #7 · answered by Anonymous · 0⤊ 1⤋
No way like all politicians he will manipulate things to try to make it look like someone Else's fault
2007-04-02 09:44:43 · answer #8 · answered by june july 3 · 0⤊ 1⤋