Britain’s big pension mistake
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Labour could be about to make a big mistake with pensions
There is debate right now inside the new Labour government over whether UK pension funds should be required to invest a percentage of their assets in British companies.
Emma Reynolds, UK pensions minister, recently told the Financial Times:
“We’re not talking about it for now, but let’s see where we get to … Investment in pensions is, as you know, very generously provided for in terms of tax relief.”
That last statement is an implied threat: The government matches every worker’s pension contribution with a tax break worth 20%. Reynolds, like a mafia stooge, seems to be saying, “Nice tax breaks you got here! It would be a shame if anything happened to them…