Julian Knight MP called on David Cameron, the Prime Minister, to support his campaign for fairer pension tax relief at today’s session of Prime Minister’s Questions.
He argued that of the £38 billion spent on it, three quarters goes to those in the 40 per cent tax bracket who least need it, and that it would be “a huge boost to social justice” and benefit “millions of hard-working Britons” if a single rate were introduced.
In response, the Prime Minister acknowledged Julian’s deep interest and “considerable expertise” in the field of pensions, earned during his career as a crusading consumer journalist.
Cameron conceded that there are substantial costs associated with pension tax relief, and that the Chancellor, George Osborne, would address the issue in his budget.
Speaking after the event, Julian said:
“Pension reform could make millions of Britons better off by distributing the benefits of tax relief more fairly to those on lower incomes, and I will continue to use my experience in this sector to fight for a better deal for British pensioners.
“David Cameron acknowledged the costs associated with the current system, and I will press George Osborne to make progress on this important in his Budget.”