Not all of us elderly citizens will be entirely content with yesterday’s budget announcements.
If I were one of those pensioners owning shares in Partnership Assurance, Legal & General, Aviva or Standard Life (which thank the Lord I’m not), each of which has suffered sudden and substantial falls in their values on the stock exchange as a result of the Chancellor’s attack on annuities in yesterday’s budget, I might be feeling a little hostile towards Mr Osborne this morning. Indeed, I might wonder if it was legitimate for the Chancellor to make such sweeping changes without any prior consultation.
Nor would I be feeling particularly chuffed if in recent months I had retired and been obliged to take out an annuity, leaving me in a much poorer position than imminent pensioners now not required to do so.
I might also be irritated at the vagueness as to when all the proposed changes will actually be implemented.
I appreciate that into each life a little rain must fall but where are the umbrellas when you need them? And budgets greeted with initial approval usually end up causing greater angst as their details are revealed.