Labour's pensions policy is a return to the benefit distribution pattern that existed before the introduction of the Welfare State
'Finance is a gun. Politics is knowing when to pull the trigger.' In these few words, the taciturn Mafia boss, Don Lucchese, in The Godfather Part III, highlighted the inextricable link between politics and financial control. In the wake of the 2001 election, it is timely to remember that the Labour Government that triumphantly introduced the State Earnings Related Pension Scheme (Serps) in the 1970s has now consigned it to an early grave. Of course, there is nothing new in private welfare provision. The current trend is simply a return to the benefit distribution pattern in place from th...
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