Tom Selby

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Tom Selby

Tom Selby

@thomasselby

Director of Public Policy at AJ Bell. Blackburn Rovers supporter, Actonians AFC's Phil Neville, 'Titan of savings' (Jason Rosam, BBC Radio London).

London Katılım Ekim 2009
1.1K Takip Edilen4.4K Takipçiler
Tom Selby
Tom Selby@thomasselby·
I've warned about the risks of conflating the goals of pension savers with govt since the first 'Mansion House' speech. @Jeremy_Hunt threatened "further action" if UK allocations didn't rise in his 2024 budget speech - most read that as "do this voluntarily or we'll make you"...
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Helen Whately MP@Helen_Whately

Desperate for cash, Labour now want to pinch your pensions to bankroll their pet projects. I’m against it. Most of the pensions sector is too. Time for them to listen ➡️ @thetimes thetimes.com/money/pensions…

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Tom Selby
Tom Selby@thomasselby·
@PensionsMonkey Excellent column. Has your thinking shifted? Remember you seeming more sanguine than me about Jeremy Hunt threatening mandation at the 2024 Budget when we discussed on your much-missed Lang Cat podcast
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Tom McPhail
Tom McPhail@PensionsMonkey·
Why I am deeply opposed to the Government plans to dictate where pension schemes invest. This isn't just about fiduciary duty, it is also about free trade, unfettered by government interference. thetimes.com/money/pensions…
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Graham Ruddick
Graham Ruddick@GrahamtRuddick·
The Only Story in Town. Coming soon...
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Mark Kleinman
Mark Kleinman@MarkKleinmanSky·
Exclusive: ISA providers have stepped up their warnings over Rachel Reeves's limits on cash ISAs, warning in "heated" talks with Treasury and HMRC officials today that the plans risk driving investors away from, rather than towards, the UK stock market. news.sky.com/story/industry…
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Tom Selby
Tom Selby@thomasselby·
@David_J_Robbins @dontdelay Yep. And we'll have to raise the same question of 'what about existing entitlements?' If you have some sort of awful new protection regime then the revenue raised must be pretty small (in the short-medium-term at least)
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David Robbins
David Robbins@David_J_Robbins·
@thomasselby @dontdelay Partly because, 18 days out, HMT changed its line from "won't comment on speculation" to "won't happen". If they refuse to say the same at the same stage next year, speculation could really heat up.
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Simon French
Simon French@Frencheconomics·
In a crowded field “a wealth tax” is a phrase I’d like to see sunset. The UK has quite a few wealth taxes - including IHT and CGT. What these genuine economists don’t do is put a new tax on wealth in context of existing levies. For example Norway’s annual wealth tax came after its Inheritance Tax was abolished. If the UK wants a sensible public policy debate then all taxes on wealth should be in scope - and so cover the (probable) merits of moving from an event driven tax (at sale, death) to a recurring annual levy.
Aaron Bastani@AaronBastani

In reality some of Polanski’s preferred policies, like a wealth tax, have the support of economists like Thomas Piketty, Gabriel Zucman, Joe Stiglitz (Nobel winner), Mariana Mazzucato & Branko Milanovic. Beyond silly to say these are marginal figures.

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Tom Selby
Tom Selby@thomasselby·
@PensionsMonkey I'm pretty confident this policy will garner them somewhere in the region of zero votes!
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Tom Selby
Tom Selby@thomasselby·
Can someone please explain to me why over 65s need to be exempt from the Cash ISA allowance cut? Beyond appeasing older voters? Logically, if you're retired, surely you're drawing down assets rather than maxing out your Cash ISA allowance...?
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Tom Selby
Tom Selby@thomasselby·
@David_J_Robbins I like your cynicism but not convinced this government is playing 4D chess. Also no idea why it's age 65 when SPA is age 66. Almost like they're making it up on the hoof...
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David Robbins
David Robbins@David_J_Robbins·
@thomasselby For people who want to draw down significantly more pension wealth than they spend each year...? If lack of cash ISA room deters pension withdrawals, HMG gets less income tax in those years?
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Tom Selby
Tom Selby@thomasselby·
@MartinSLewis Agree cutting the Cash ISA allowance would be pointless but don’t get the argument for exempting pensioners who will mostly be taking an income from their pensions / ISAs rather than putting £20k a year in…
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Martin Lewis
Martin Lewis@MartinSLewis·
If future cash ISAs annual limits are to be cut as is being suggested to 'help encourage young people to invest' (I'm dubious that'll work), at the very least there should be a carve out for older savers whom aren't the target.
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Tom Selby
Tom Selby@thomasselby·
@edgreav Not a strong argument to provide a carve out! Although I can’t work out why on earth you’d cut the Cash ISA allowance at all - political pain for almost zero gain.
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Sam Bowman
Sam Bowman@s8mb·
Apparently the House of Lords Science & Technology Committee thinks the average UK pension saver would be upset to learn that their pension was invested in the S&P 500 (92.95% growth since 2021) instead of working for Britain in the FTSE 250 (23.27%).
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Lords Science & Technology Committee@LordsSTCom

Today, the Lords Science & Technology Committee publishes its report into financing and scaling UK science and technology, entitled: “Bleeding to death: the science and technology growth emergency”. Read it here: publications.parliament.uk/pa/ld5901/ldse…

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Tom Selby
Tom Selby@thomasselby·
Completely ignores the key point that a MASSIVE part of the backlash to cutting pensions tax-free cash would come from the public sector. Strikes, including among doctors in the NHS, would be inevitable. telegraph.co.uk/money/pensions…
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Tom Selby
Tom Selby@thomasselby·
@DanNeidle Yes, as a starting point. We commissioned a paper which pointed out the obvious - having siloed ISAs for cash/investing leads to siloed decision-making (and unsurprisingly given cash is the starting point for most people that’s often where there remain): ajbell.co.uk/group/news/new…
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Dan Neidle
Dan Neidle@DanNeidle·
@thomasselby Thanks, Tom. Simplifications like abolishing the cash/shares isa distinction?
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Tom Selby
Tom Selby@thomasselby·
Excellent piece by @DanNeidle on the 'British ISA'. No obvious benefit to investors or the UK, huge extra complexity in the ISA system. Depressing that energy is being spent pushing back on daft ideas like this rather than simplifying. thetimes.com/business-money…
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Tom Selby
Tom Selby@thomasselby·
@David_J_Robbins Fair enough! Although then have to ask why the commission was referenced…
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David Robbins
David Robbins@David_J_Robbins·
Disagree with @thomasselby, who says: "The government’s response suggests it could look to the Pensions Commission for an opinion on the future of pension taxation." Baroness Drake said last week: "We have been asked not to look at tax relief or make recommendations on tax policy."
Actuarial Post@actuarialpost

#Government won't commit to #PensionTaxLock before #Budget, @ajbell ...Fundamentally changing the terms under which people can access their own money, which they set aside for #retirement in good faith, threatens to undermine people’s confidence in... tinyurl.com/sxhzdjh9

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Dan Neidle
Dan Neidle@DanNeidle·
A "British ISA" was a terrible idea when the Conservatives were thinking about it, and it remains a terrible idea today.
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Keşfet

@Jeremy_Hunt @PensionsMonkey @David_J_Robbins @dontdelay @MartinSLewis @elonmusk @BarackObama @taylorswift13