Jobs plan is a pointless raid on private-sector piggy bank
Only huge changes to terms of bailout deal -- and public sector cuts -- can save us, writes James Fitzsimons
The Government's Jobs Initiative is only a token gesture. We need to see it for what it is. It has raided the private sector piggy bank.
Earlier in the year the Budget attacked tax relief for private pension funds. If that did not discourage frugal people from retirement planning, the 0.6 per cent pension levy could do so. We are expected to believe it is only temporary. But we've heard that before.
The health levy was introduced as a temporary measure. It stayed around for 30 years. Has it really gone away, or is it still here under a different name? The pension levy is a stealth tax. If we become complacent about it we could find that it is here to stay.