Jeremy Hunt Speech – Pension Industry Reaction

This morning Chanellor Jeremy Hunt gave a speech to outline the governments plan to boost the economy; here, Andrew Megson, CEO of My Pension Expert, responds to the speech.

 
Andrew Megson, CEO of My Pension Expert, said: “Hunt outlined some sound logic in this morning’s speech: we must boost the economy. To boost the economy, businesses must thrive. And for businesses to thrive, inflation must drop. But sadly, 30 minutes of fluff followed. He told those who retired during the pandemic that “Britain needs you”, but he did not explain how he would attract people back into employment – something that still risks undermining the freedom Britons should have to enjoy their hard-earned retirement.
 
“The Chancellor gave us a lecture, not a plan, saying we must wait for Spring Budgets and Autumn Statements for policies, spending commitments or detailed strategies. There’s no scope for such a rigid approach. Consumers need to clarity now on how the government will tackle economic issues like rising interest rates and double-digit inflation; financial planning is difficult when uncertainty hangs overhead. I would urge the Chancellor to focus on speeches of substance, not sweeping generalities, to help people navigate the challenges that lie ahead of them.
 
“In the meantime, for consumers unsure of how to manage their financial affairs – such as their longer-term savings, investment and retirement plans – they must remember they are not alone. Speaking with an independent financial advisor could make a huge difference, helping them create a sound, informed strategy to achieving their financial goals.”