Corbyn plans would slash pension pots
JEREMY Corbyn’s nationalisation plans would deliver a triple whammy to destroy people’s pensions, a report has revealed.
Gordon Brown’s former business minister Lord Digby Jones and David Cameron’s ex-pensions minister Baroness Ros Altmann have warned that Labour’s hard-left plans for Inclusive Ownership Funds, nationalisation and higher taxes are an attack on saving for retirement.
Their report, commissioned by the anti-extremism, cross-party campaign group Mainstream, said privatisation of the water industry alone could undermine or destroy six million people’s pensions, including four million from the public sector.
The report points out that confidence in investing in UK assets would also be eroded leading to a bigger shortfall in pension funds.
Labour’s Inclusive Ownership Fund would enforce companies with 250 employees or more to transfer up to 10 per cent of their equity to an employee fund, part of which would go towards paying for Labour’s spending plans.
Staff would experience reduced future contributions into their pensions.
Baroness Altmann said: “There should not be any doubt that the Labour Party is the enemy of pension holders and small investors. “Nationalisation will reduce most pension funds’ value. Higher taxes will undermine people’s ability to save for retirement.”
Lord Jones said: “Jeremy Corbyn and John Mcdonnell are blind to the jobs and tax-producing wealth that British business creates. “They see large businesses as the enemy, rather than the engines of national and local economic growth that they are.” Mainstream chairman Ian Austin, a former Labour MP, added:
“Corbyn and Mcdonnell are seemingly full of loathing for the large and successful firms that drive economic growth across the country.”