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ref date:3 Dec 1997 (WBA)
Labour hitting savers

Labour said it would help more people get more out of life, that includes, by any reasonable persons definition, giving people the chance to save hard earned cash for their retirements.

Labour plans to scrap existing tax deferred savings schemes and introduce a system very similar to the US "IRA" scheme, called ISA, the individual savings account.

However, the maximum savings that could be placed there would be 50,000 at a maximum rate of 1,000 per annum.

This means those who have had the good fortune to be well paid and who have planned for retirement will pay extra tax once they break the 50,000 limit.

So much for Labours Goodlife - people need money to have this security!