Magazine
Latest Issue

The business

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…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect