Osborne Targets ‘Gray Vote’ in Budget for Savers: U.K. Credit
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Chancellor of the Exchequer George Osborne made savers the main beneficiaries of his annual budget yesterday as he announced the biggest shakeup of the British pensions industry for almost a century.
Osborne outlined a package of measures that scrapped most of the constraints on how new retirees can manage their pensions, sending the shares of life insurance companies tumbling. He also introduced a new bond giving pensioners higher interest rates and made tax-free savings plans more generous.