Liberal Democrats in Business

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Brown pension policy caused long term harm - Cable

12.00.00am BST (GMT +0100) Sat 31st Mar 2007

Commenting on the news that Treasury officials warned Gordon Brown about the effects of abolishing tax relief on pension funds in 1997, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "It is absolutely clear that not only did these tax changes cause a great deal of damage to private and occupational pension funds, but that the damage was premeditated. It could and should have been avoided.

"When the Government came to power in 1997 they should have been willing to raise taxes openly, but Gordon Brown insisted that tax increased should be hidden.

"The increases took this extremely damaging form, which has caused lasting harm to the pension industry and millions of individual pensions."

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