David Miliband: cut pension tax relief to £26k

During a Parliamentary debate on the government's benefits cap, the South Shields MP said cutting pensions tax relief further would save the government more money and take from wealthier people than holding benefits at the same level as wages. In a speech some commentators believe signals his return to frontbench politics, the elder Miliband brother said: "The Chancellor has cut tax relief for pension contributions, but only by £200m in 2013/14 rising to £600m in 2015/16. "The cumulative saving between now and 2015/16 from the richest is £1.1bn, compared to £5.6bn for those on benefit...