As the analysis of Osborne's budget unfolds there is concern that the changes to pension funds will leave pensioners vulnerable in relation to financial decisions. This has been dismissed by government spokepersons as being 'insulting' to the ability of pensioners to make decisions. This must be one of the most absurd statements of the week. I would not call it insulting. In the light of so much recent legal action on mis-selling of financial products and inappropriate marketing I would call it sensible concern.
Unless the market is regulated and appropriate safeguards put in place the I think we will all be vulnerable. It is clear that this has not been thought through. There will be a host of new and difficult to understand financial products flooding the market. It will be a mess.
Osborne has taken a bold decision but he appears to have taken it without proper regard for the consequences.