Labour '£22bn mail robbery

[TrueBlueTerrier]

MINISTERS were accused last night of plotting a 22billion raid on the Royal Mail pension fund.

Tories claimed the Government will use the cash to plug gaps in the nation’s finances.

They said Labour’s aim is to make public borrowing seem lower in the short term.

But the move will hand the taxpayer a huge long-term debt, as it will also mean taking over the fund’s rocketing deficit — currently estimated at 7billion.

Shadow business secretary Alan Duncan said: I fear the Government is going to steal 22billion of pension assets, dump the liability as a mortgage on future generations and dress it up as the salvation of the Royal Mail.

The restructuring of the pension fund is expected to be part of a radical overhaul of the Post Office.

A long-awaited report on the postal service, by former Ofcom deputy chairman Richard Hooper, will be discussed by the Cabinet today.

Labour is expected to announce the fund will be taken over by taxpayers to try to manage its huge deficit. But Conservatives said the real aim is to seize its 22billion assets.

Mr Duncan added: People will be appalled that the Government is resorted to raiding pension funds in order to plug the black hole in the public finances.

It is nothing more than a massive accounting scam. This is a dangerous plan that must be resisted.

c.hartley@the-sun.co.uk

[Cllr SteveRadford]

All pension funds are suffering from Brown's actions in taking away tax concessions, something even a conservtaive government never tried

[belle smith]

All pension funds are suffering from Brown's actions in taking away tax concessions, something even a conservtaive government never tried

Yes they did, Norman Lamont cut them before Gordon Brown aboloshed them.