We predicted a month ago that Lord Mandelson would shortly use the pensions threat “to cow the unions into submission” over part-privatisation.
Last night saw the release of a letter from the chair of the pension fund trustees warning that - without radical reform - pensioners could lose half their benefits. The timing is striking at best given that the bill is set to enter the Lords this Thursday.
Here was our news story this morning – which includes a private sector estimate of £10bn-plus for the deficit, far worse than the £5.9bn envisaged by Richard Hooper in his December report.
If you want to see the letter here it is. Read more