Webb keen to get the handshakes for Budget pension reforms
Editor's blog: At today's Work and Pensions Select Committee, pensions minister Steve Webb was keen to underline the role of his department in the Budget's smashing of the conventional annuity market.
The minister pointed to a 1999 parliamentary debate on annuities to demonstrate his long-held belief in greater flexibility at retirement. "At that point I raised concerns about the restrictions on people using their annuities and freeing them up so I've got form on this one," he said.
Back in 2012, I asked the minister whether he would consider taking a Tory job
In front of committee MPs, Webb went into depth about the department's involvement, as well as pointing out those that had accentuated his behind-the-scenes role. At one point he even described people stopping in the street to shake his hand.
"We as a department were involved in scheduling the documents, the freedom of choice in pensions document... we were very closely considered in that document and shaping it, so it was very much a joint endeavour.
"It absolutely wasn't all my own work as some people very generously suggested."
I suspect the opposite on this. As I've said before, the reforms clearly have the stamp of Conservative individualism, and the comments in this light can be seen as politically clever: playing up his performance while appearing to play it down.
In terms of political capital, the DWP will be keen to balance out any flak from the chancellor's retirement guidance promise by some credit over the historic changes. And Webb will be hoping to build his reputation as one of the most efficacious Liberal Democrat ministers.
How far can this harmonious relationship extend? Back in 2012, I asked the minister whether he would consider taking a Tory job to help finish off some of this significant reform, if the Lib Dems were wiped out at the next election and the Conservatives won a majority. Worth quoting his response in full:
“Given the volatility of British politics, it’s a brave person who predicts the outcome of the next election three years in advance," he told me in the FT studio.
“I’ve got plenty in the in-tray at the moment, I’m very happy working for the coalition as a Liberal Democrat and we’ll worry about that one at the time.”
Well, he did not say no.
The minister's remarks were reported by Tom Dines