Kwasi Kwarteng named as second worse chancellor for pensions over past 25 years

Buzz respondents rank current chancellor as worst since 1997 after week of budget chaos

Jonathan Stapleton
clock • 2 min read
Kwasi Kwarteng is not popular among Buzz respondents. Andrew Parsons/Number 10
Image:

Kwasi Kwarteng is not popular among Buzz respondents. Andrew Parsons/Number 10

Despite being chancellor for less than a month, Kwasi Kwarteng has been named as second only to Gordon Brown as the worse chancellor for pensions over the past 25 years, a PP poll reveals.

Some 31% of respondents to the latest Pensions Buzz survey said Kwarteng was the worst chancellor for pensions.

As one said of Kwarteng: "And only a few days into the job! The economy is in danger of collapsing on the global stage."

Another added: "There has been significant damage done to DC funds, especially for those thinking of retiring in next 10 years."

A third agreed: "Kwarteng is off to a cracking start as the chancellor most likely to tank the economy - don't launch a huge fiscal stimulus just when inflation is getting out of control and rates are being hiked fast if you have any grasp of economics at all."

However, despite the scale of the volatility caused by Kwarteng's Mini Budget, 36% of respondents thought Gordon Brown had been the worst chancellor since 1997.

Respondents cited Brown's "removal of dividend tax credits" and the way he "did the damage sneakily, hoping nobody would notice" as key reasons for him being their least favourite pensions chancellor.

Another added: "Finishing off Norman Lamont's work on ACT surely makes him the worst in your list from a pensions perspective."

A third said: "Can there be any doubt?  A lack of understanding of the pensions world, together with a raid on it."

Some where a little more positive however noting "A-Day did have some positives but introducing a lifetime allowance for DC schemes was questionable."

Some 21% of respondents said George Osborne was the worst chancellor over the past 25 years - although 33% rated him as their favourite, meaning he was ranked as the best chancellor since 1997, just ahead of Alistair Darling who was ranked as favourite by 21%.

Those voting positively for Osborne said it was "mainly because of the introduction of the pension freedoms", a policy others said was "the biggest enhancement to pensions".

People voting against Osborne cited his "introduction of pensions flexibility with no prior warning or consultation with the industry" his "messing up the simplification of pensions taxation implemented in 2006" and his "reduction of lifetime and annual allowances".

Pensions Buzz is conducted each week to anonymously collate our readers' views on key news and trends. To take part, email our research team here.

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