Vampire at HM Treasury

I was entertained by a story this week that a radio Station had to issue a clarification when listeners thought they had been told that the M25 had been closed because of a Vampire!

It was during the daytime too so that clue was missed!

The clarification explained that the motorway  problem was in fact caused by a “Van Fire”. I chuckled but I suppose it was an easy mistake to make.

If you want to see a Vampire though I can direct you to HM Treasury.

In announcing the creation of a service for the public good called the Guidance Guarantee (snappier title needed) to help people make at retirement decisions, Chancellor George Osborne was quite disingenuous in stating that he would be making £20m available to get the service started.

What he failed to mention was that this money would be raised by a levy on the professional financial services intermediary.

He didn’t even consult on it, just dropped in a one liner to the government response to consultation (none of the 10 questions asked how the service should be paid for)  saying that they would legislate to raise a levy.

Worse still the Treasury hasn’t even prepared a cost/benefit analysis for this service.

Many of us think it will be an expensive waste of time and money. Unfortunately it looks like being our money that is wasted.

I have lobbied Financial Secretary to the Treasury David Gauke MP, asking him to pay for this service for the public good from the public purse but frankly I don’t think he is in listening mode.

So whilst you won’t find a Vampire on the M25 anytime soon, the Treasury appears to have its own blood sucker, sinking their teeth into our throats and draining the life blood from independent financial advisers.

Pass the garlic someone!

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