General Chat

'How did so many firms get away with basically stealing pension funds???' They didn't steal them. What happened was that pension funds were benefitting from a good rate of return in the 1990's and the Government told them that they had to reduce contributions to avoid overfunding, else they would fine them for tax avoidance. So firms reduced their conributions. Gordon Brown jumped on the bandwagon and withdrew the £5 billion tax per annum relief on dividend income that pension funds had been receiving. Shortly afterwards investment returns fell (as they tend to do, these things run in cycles), The statutory rules on how you calculate the required funding level were changed from 'Minimum Funding Requirement' to a more onerous buy-out calculation which required firms to put in more money. The Chancellor kept his £5 billion per annum (plus inflation). So schemes went from being overfunded to underfunded and had to abandon final salary provisions to avoid bankrupcy.

I totally agree with you, Jim. Nomatter how 'democratic' politicians try to tell us this country is, there is vast hidden corruption. Who owned the company that set up the useless NHS computer programme? Tony Balir's tennis partner. Who made most profit when the railways were sold off? Shareholders, Who owned a lot of shares? Politicians & their friends, hence we, the public are still paying for this. Railtrack have finally decided they need more carriages. Who's paying for them? The government ie you and I. Why? The goverment seems totally unaware of the number of people in serious debt - they blame people for 'living above their means'. Many people just can't survive on their pay, House prices constantly rise, people have to rent, rents rise etc. My council rent has risen by £5 a week, not a lot you say, but that's £250 a year, then the council tax, then the utility bills. All in all I have to find an extra £500 a year. My cost of living rise at work will be £250. I earn far below the 'average', but am above minimum wage standard. Don't drive, or my outgoings would be even more. Bus & train fares are bound to go up. It doesn't take a rocket scientist to see the lower paid are being fleeced, and the better paid are raking it in. the government just doesn't seem to care. How have banks got away with overcharing people for so long? What's the government doing about utility companies attempting to charge people who don't pay by Direct debit? As for Brown so generously upping the amount of compensation for workers whose pension funds closed - well the firm should pay. All Brown is doing is taking from one hand and giving it to the other. By we, the public funding this extra money, all this means is the pensioners will not receive as much Tax credit - also paid for by us. How did so many firms get away with basically stealing pension funds??? *I'll get off me soapbox now* Maggie (If this lubby government is socialist I'm a communist)

The job of MP is unskilled: you need no qualifications other than the gift of the gab. Theoretically you can be Chancellor of the Exchequer without even GCSE Maths. Politics and social engineering is the driver, not economics. The House of Lords has far more expertise than the House of Commons, which is one reason why they want to get rid of it.

I think when politicians first come in, they really do want to change things, and believe in their policies, but as they go on, they fall in with the rest......that is why there is not so much difference between the parties........I remember when the Conservatives were trying to privatise the hospitals.....and now they are all for the health service.....short memories, or what.... I have no trust anymore in politicians......they spend money on what serves them best....blow the rest of us.....

Too True Grampa Jim, What have they done to our country? I'm young and I can't afford my own house, and never will be able to. The more you work, the more they take off you anyway. I would emmigrate to Canada or somewhere like that if I could. Our Country is well beyond spoilt now. No future, nothing but being worse off.

As far as I can see the politicians in this this country (including NI) can't see any further than their own noses & cannot comprehend the fact that the ordinary person out there could be struggling financially. I don't think it would matter if it was a Conservative OR a Labour government in power - neither one reverses the other's policies!! Ails x

In the last 47 years the basic wage, say for a Builder's Labourer, has gone up by 2000%. In the last 37 years house prices have increased by 3000%. Am I the only one who still considers our Politicians to be a bunch of Self-Serving W***ers who have no interest in improving the lives of the people they are elected to represent?