Gordon Brown was warned about pension funds black hole

It turns out that Uncle Gordon was warned by the Treasury, way back in 1997, that abolishing the dividend tax credit would create a black hole in pensions funds, leading to shortfalls in pensions.

But as we all know, he went ahead and did it anyway. Result? About £5bn a year lost from pension funds since 1997.

And who is suffering now? Pensioners all over the land. Companies are closing down their final salary pensions schemes, so that for many people, their pension will be determined, not by reference to how much their final salary was, but rather by how much their pension fund can buy on the (unpredictable) stock market when they retire.

And still he marches on towards 10 Downing Street.

Click here to read the Treasury documents Uncle Gordon ignored.