It is likely that the 2012 London Olympics will be heavily subsidised with taxpayers' money. I don't have any complaints with that. After all, this is a once in a generation opportunity for the UK to host what is probably the greatest show on earth.
But what if there were two Olympics taking place in 2012. One in London and one in Manchester. And what if only the London one qualified for a subsidy. Would that be fair? The thought of two Olympics taking place in the UK at the same time is a bit far-fetched. But what about two UK pension schemes, one called personal accounts and one called personal (or stakeholder or occupational) pensions, where one receives a subsidy and the other one doesn’t. Is that any fairer? The government’s aim is to deliver the personal accounts scheme with charges “possibly as low as 0.5% in the short term ...
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