And specifically, pensions tax relief reform. And here it is:
The Government is gearing up for a major raid on some of Britain’s most generous pension schemes which could see doctors’, teachers’ and senior executives’ retirement funds cut by more than a quarter, the Telegraph understands.
In private talks with industry, Ministers have floated plans to move savers with final salary pensions into a separate tax regime. They would then receive less generous tax perks than other savers.
Not convinced his union paymasters are going to be happy with it:
The Government is desperate to reduce the £50bn a year it spends on pensions tax relief – and ministers eye this move as one of the easiest targets.
Experts predict the changes to final salary schemes alone would save the Treasury around £7 billion a year.
But insiders say the Treasury is likely to go further by cutting 40pc higher-rate tax relief on future pension contributions in half to just 20pc.
Be interesting to see which way he jumps here, no?
For reforms to final salary schemes aren’t quite what he was arguing for……