[Re: Our pension system is broken. We must tear it up and start again, yesterday]
Hindsight may be pointless, but if our pensions system had been ringfenced and taken out of the political arena years ago, we could have avoided the taxation devastation (taxing dividends from investment in funds), and perceived unfairness (higher rate tax relief) that has bedevilled the sector ever since. In doing so, we might also have avoided the perception of profiteering and complacency by the industry that no amount of regulation was ever going to prevent.
[Re: Don’t underestimate Turkey’s turmoil: Not all emerging markets will succeed, yesterday]
John Hulsman highlights the turmoil stemming from Turkey’s political scandal. Equally worrying is the effect this has had on the Turkey’s central bank – an institution of questionable independence. With the Turkish lira collapsing, and inflation forecasts rising, the logical thing to do would be to hike rates. But pressure from the government, worried about the economic fallout of the corruption scandal and rising borrowing costs in an election year, seems highly likely to prevent this.
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