Back in December 2013 I did a blog entitled “The Generation Game” which focused on the outlook for my daughters and whether they might ever get a state pension. It is therefore interesting that 2½ years later George Osborne came up with a very political budget designed to “put the next generation first”.
Looking beyond the spin, it is not entirely sure how the next generation is put first although those under 40 will benefit from the lifetime ISA next year. This does look a bit like the pension ISA idea and shows that the Treasury was already pretty far advanced on coming up with a pension ISA plan. That one may yet come back to life in a later budget. The pension issue looks postponed rather than gone away.
Certainly there is not much in the budget for older taxpayers and certainly nothing for those who have been campaigning for changes to the state pension rules where they were born after 5 April 1953. But was there really much in it for the younger generation? There doesn’t appear to be much more than spin. The best one could say is that it is an acknowledgement of the issue which perhaps is progress. The same could also be said for the fact that the regions appear more in the budget speeches now and this budget did champion smaller companies and smaller businesses at the expense of larger multi-nationals.