Royal Mail pension windfall
George Osborne will use a £28 billion windfall from the transfer to the state of Royal Mail pensions to reduce the deficit and not to pay for major projects, the Treasury said.
Royal Mail pension fund changes 'dangerous'
Professor Philip Booth, the Editorial Director at the Institute of Economic Affairs, said the government's decision to nationalise the assets of the Royal Mail pension fund is "dangerous".
"The government's decision to nationalise the assets of the Royal Mail pension fund whilst taking on all future liabilities is short-sighted and dangerous.
"The assets will be used immediately to reduce the government's debt whilst the liabilities - made up of future pensions to workers - will no longer be funded and will have to be met by future generations of taxpayers. The liabilities will be hidden from the government's accounts."
More top news
-
Joe Biden vows to fight racial inequality with economic agenda
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
-
Trump reverts to promoting unproven drug as coronavirus treatment
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
-
What the papers say – July 29
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.