Jeremy Hunt had a brisk walk this week when he presented his Budget.
It was a completely different tone than the grim warning of trouble ahead in his November autumn statement.
The legislation’s headline was a major shake-up of retirement savings rules, removing restrictions that limit the amount that can be contributed without tax penalties.
The lifetime pension benefit was abolished rather than increased, the annual allowance was greatly increased, and the rules against redistribution of pensions were relaxed.
Was this a gag for the rich putting money into their pensions – and doctors – or a move that will help many other young professional savers seeking a decent retirement who may not realize that the life limit may be reached?
On this week’s podcast, Georgie Frost, Helen Crane and Simon Lambert delve into the budget and are joined by a special guest to explain the pension element, Money Magazine’s pension columnist and former Pensions Minister Steve Webb.
Also in the budget were news about the economy, a ray of hope for electricity bills, and a big expansion of 30-hour free childcare…but that won’t be coming for some time.
The team is considering all of these elements and more.
And finally, as the headlines in The Budget claimed, something else was rumbling: the mini-banking crisis caused by the collapse of the Silicon Valley bank. What is happening there and should I be worried?
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