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'We've been very lucky and will be £10,000 better off'

GEORGE Monaghan, 65, is a worker in local government in Glasgow.

He said: "There were a lot of good things in the Budget. First, the freeze in fuel duty will be a really big help, then there is the raising of the income tax level by £500, which will still affect me because I'm still working.

"But the real revolution is in the new measures regarding pensions, which will be hugely beneficial to me when I retire.

"I've been paying into the local government scheme for years, but have also been topping that up with a voluntary contributions scheme.

"From next month that extra money will be mine to do with as I wish and I'll be looking an extra £7000 I can put into a scheme of my choosing.

"These have been terrible in the past, offering interest of about 1.4%, but now I'll be able to find something which gives me around 4% interest - such as these new government bonds.

"It will open up a whole new layer of competition among the finance companies, all racing to offer the best rates, and that can only be a good thing for pensioners with money to invest.

"I'm delighted at the measures I've seen. We had an inkling that it was going to be a pensioner's budget but I didn't think it would go as far as this. Revolution is the only word for it.

"It's about time pensioners were given a boost because we've had it bad in recent years but still need to get about and still need to feed ourselves.

"We've been extremely lucky, and it looks like I will be about £10,000 better off thanks to this and the cut in tax."

Contextual targeting label: 
Local government

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