When will the UK Coalition Government face the facts and get out of the EU?. It is incredible the amount of money which is being lost, and at the same time being paid into the IMF.
The latest report also states that the worst hit are pension funds. These suffered their largest loss, in just one week. Apparently the collective pension deficits of Britain’s biggest companies increased by £30billion which brings the total to £92billion.
The pension fund should have never been allowed to be put onto the stock exchange. This again was Margaret Thatcher’s doing. She had the nerve to put pension funds onto the stock exchange, knowing full well how unstable it can be. For a start this money was not hers to handle and invest. It belongs to the people who paid into the pension funds whether it is a state pension or a private one. Pensioners will have contributed a great deal of money during their working lives.. The change should never have never been allowed and that is the root of the trouble. It is not as Ministers claim because there are more people retiring or living longer, but rather investment failures. If the pension fund had been kept away from the risky gamble of the stock exchange more money would be there for people to enjoy.
Surprisingly Tony Blair and New Labour did not reverse the pension fund change, and so many other things which the previous Conservative government messed up. However, New Labour, as he called it, had changed and now leaned more toward the Conservative Party’s principles. Therefore, IMHO, it would be most advisable if the Labour Party moved back to its good old principles, which would mean governing with people at the heart of the Party. That is what Labour always stood for in the past.
Of course reversing changes made by previous Governments is never easy. It is usually costly and in some cases is nigh on impossible to do. This is why the current UK government is steaming ahead with NHS reform and more. Once the changes are established they prove hard to reverse.
Pensions were another fine mess Margaret Thatcher got us into, excuse the pun. While the ship now sinks ever deeper David Cameron is doing nothing to take the pension fund at least off the stock exchange. The pension is needed after retiring. To some pensioners it will be their only source of income in old age. Yet David Cameron advises, and in some cases forces, people to work longer. He must realise jobs are not there. After all he created 3 million unemployed as it is, with numbers rising daily.