The Government has yielded to pressure from the insurance industry and reduced the cap on contributions to the incoming Personal Accounts system to £3,600 a year. The announcement is part of the Government response to the consultation on the system, which the DWP has published today.
The TUC press note is pretty positive. It's important to keep a positive consensus together around Personal Accounts. There is some sniping going on from the insurers, even using some of the consumer groups' arguments to have a go, as in this case.
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