Public Sector Pension Contributions- Taxing Times.

There has been extensive media coverage of George Osborne "cleverly" saving £1 Billion from public sector pension contributions to fund infrastructure development aimed at pleasing his political supporters.

However clever Mr Osborne might be, the saddest part of the story is that all pension & National Insurance receipts in the UK simply drain into the same septic tank that houses taxation revenue. Far from having a "Soverign Fund", such as the one established by the Norwegian Government as the safe house for a share of their countries oil revenues, Britain has no reserves of any description.

Every year, despite spending every penny it can get its hands on, UK PLC runs up a deficit in excess of £100 Billion. This is true whichever Government is holding the purse-strings.

Those who live at Number 11 are in reality inhabiting Bleak House. George & Gordon,the two most recent incumbent Big Hitters (and spenders), have both faced Mr Micawber's dilemma.Though, of course, his budget shortfall was only 6d...........in percentage terms, this amounts to around 15% of the deficit our Chancellor runs up every year.

Clever? You will have a Dickens of a time proving it!

Friday, 14th March 2014

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