20 March 2014

Always look on the bright side?

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.

1 comment:

Summer wine boy said...

Yet another triumph for George as he gets the country back on its feet. Unmitigated joy for pensioners ans savers. Who in their right mind would buy shares in financial groups like Avviva anyway. Sunshine all the way.