The Emperor May Have no Clothes but at Least He Has a Big One
Many of us are focusing on pensions at a time when the Chancellor’s latest Pre-Budget Report demonstrates, sadly, all-too-well the likely direction he will take on considering the difficult decisions concerning UK pensions and the Turner report.
His raid on the profits of the oil and gas exploring companies will only lead to even less investment in North Sea exploration and production at a time when fuel and power prices and gas supply are having a terrible impact on the UK economy. After all, far more profit is re-invested back into companies to improve productivity and performance than is ever paid out in dividends, and less profit inevitably means less investment in the productivity improvements the Chancellor is always challenging business about!
So, if the Chancellor isn’t willing or able to consider a 20 year timescale for oil exploration what hope can we have that he will consider a 50 – 100 year one for pensions. After all, with his MP, Cabinet and (perhaps) Prime Minister’s pensions he is far better insulated than anyone else in the UK from the ravages of time on his spending power in old age.
Yesterday, this economic ‘emperor’ finally shed the last of his clothes, and demonstrated his willingness to risk the long-term economic health of the UK for short-term political and personal gain. It is obvious that as far as the Chancellor is personally concerned, size does matter”
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