The system costs billions that should be going to schools and hospitals. It needs an urgent overhaulIn the palatial surroundings of a Pall Mall club were gathered people of a certain age and a certain wealth. St James’s Place Wealth Management targets by postcode,seeking those not fairly wealthy enough to have flotillas of financial advisers, not too wealthy to be unflattered by free lunch amid opulence, or nor sceptical enough to count how all this marketing cost comes from charges they would pay whether they sign up.
The targets are retired folk of the lucky generation,sitting on unexpected fortunes from an untaxed bonanza in their south-east England homes, with very decent pension pots too. They were here to memorize how St James could protect their wealth from chancellors present and future to pass their respectable fortunes down to their families. A slide showing a giant lorry with “taxman” on its bumper showed the threat to the unknowing – as did a sinister picture of Jeremy Corbyn and John McDonnell: “You won’t like what they’re going to do.”Continue reading...
Source: guardian.co.uk