IoD South West criticises Ed Balls’ attack on pensions

Responding to the Shadow Chancellor’s suggestion today to cut pensions tax relief for top-rate taxpayers to fund a “jobs guarantee” for the long-term unemployed, Richard Ayre, chairman of the Institute of Directors in the South West, said: “However laudable Ed Balls’ job-creation aim may be, pensions saving is the wrong target to produce money to pay for the scheme. “Pensions have been hammered repeatedly by governments looking for more cash, damaging public confidence in retirement saving. “If the coalition wishes to encourage people to save more, they should resist calls for further changes to pensions.”