Chancellor accused of 'cynical and offensive' pension cut

4.00.00pm UTC (GMT +0000) Thu 11th Oct 2007

Alistair Darling stands accused of seizing up to £2bn from pensioners in the small print of his proverbial 'magpie Budget'. In the latest blow to the Chancellor's plans, it emerged that some £400m a year over five years will be clawed from the pensions system to fund higher spending and tax cuts. Mr Darling's move, buried in the detail of his autumn statement, will hurry forward by up to five years a planned cap on the value of the new state second pension, which limits the value of pay-outs to pensioners.

For Labour to claim to be tackling pensioner poverty while cutting benefits is both cynical and offensive. The state pension is already at a level below the poverty line and yesterday's announcement merely adds insult to injury. While the savings made have funded headline-grabbing policies, the sad truth is that this government has underhandedly abandoned some of the most vulnerable members of society.