Margaret Greenwood MP has called on the government to apologise for the chaos that they have brought to the pensions industry.
The Wirral West MP was speaking in a parliamentary debate that Labour initiated on the subject of economic responsibility and a plan for growth.
Margaret Greenwood’s intervention comes after the Bank of England recently revealed that it had to step in after pension funds managing vast sums on behalf of retired people across the country came close to collapse amid an “unprecedented” meltdown in UK government bond markets following the government’s mini-budget in September.
Last week, the Bank of England announced that it had stepped in again and taken steps to “restore orderly market conditions” as it warned of “a material risk to UK financial stability”.
Additionally, BT’s pension scheme – one of the UK’s largest company retirement plans with almost 270,000 members – revealed this week that the value of its assets plummeted by an estimated £11 billion in recent weeks following the mini-budget.
Speaking after the debate, Margaret Greenwood MP said, “The government’s mini-budget was reckless and irresponsible.
“It brought the pensions industry to the brink of collapse and the Bank of England had to step in.
“People are reliant on their pensions in retirement. I took the opportunity in parliament to ask the minster to apologise for the chaos that his party has brought to the pensions industry.
“I also asked him what he could say to my constituents to reassure them that their pensions are safe.
“He offered no apology and gave no reassurances.
“Liz Truss has resigned as Prime Minister, and while markets have recovered to a degree, a great deal of damage has been done.
“We now need a general election so that people can be given the opportunity to vote for a Labour government that will bring stability to the economy and tackle the cost of living crisis.”
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