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Gordon Brown has made it up with the IFS and needs help on reforming savings

By John Plender   March 1998

A frequent criticism of the welfare state is that it has degenerated into a middle class racket. This is probably half true; but there are plenty of other very blatant middle class rackets that cry out for the attention of a reforming Labour chancellor-not least the tax breaks on savings.

So much the better, you might think, that Gordon Brown wants to make the tax system more friendly to those on low incomes by introducing individual savings accounts (ISAs) in the forthcoming budget. But, as with the more general reform of welfare, it is monstrously difficult to achieve change that…

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