On top of this their plans to seize ten per cent of private firms would see shares tumbling – undermining the savings of hardworking people. Analysis from the Conservative Research Department found that savers in the South East will be the hardest hit with a loss of over £14,000 whilst those in the East Midlands face the longest delay to their retirement, having to work for another four years.
Nearly eight in ten of those saving for retirement would be hit with a double whammy with Labour’s plans to renationalise the assets they have invested in, a move the CBI said would mean “workers and older generations could end up poorer as a result”.
The bombshell findings show that the average cost to savers in England would be £11,167, meaning they would have to delay retirement by more than three-and-a-half years.
Those people living in the East Midlands would be hit by £6,150 and may need to delay retiring by more than four years.
A loss of £12,871 for people living in Greater London could mean a four-year delay in retirement to meet the cost while people in the North East face a walloping £9,758 hit and may be forced to put off giving up work for three years.
It’s a similar story in the North West where the analysis shows that pension savers face losing £6,835 under Labour’s plans meaning they could choose to delay retirement for nearly four years.
In the South West savers will be hit with a loss of £7,407 and face a delay of almost four years.
People living in the West Midlands are likely to be hit by an average of £10,729 and more than three years of delay.
The cost in Northern Ireland is £13,718, Scotland, £10,653 and Wales £11,691. Savers face the prospect of delaying their retirement by more than three years in all three.
Therese Coffey, the Secretary of State for the Department of Work and Pensions, said: “Corbyn’s Pension Tax will see ten million savers facing a huge bill forcing them to delay their retirement for almost three and a half years.
“This is just one of the ways a Corbyn government would hammer hardworking people on top of his plans to hike up taxes by £2,400 a year, as well as the cost of his plan for unlimited immigration and the chaos of 2020 being dominated by two more referendums – one on Brexit and another on Scottish independence.
“Only Boris Johnson and the Conservative Party can get Brexit done with a deal, get parliament working again and turbocharge our economy to unleash Britain’s potential.”