Chris Noon, a partner at Hymans Robertson, told the Observer that research had revealed that while there would be winners among middle-to-higher earners from this April, the costs of these rises would fall on lower earners in the form of lower pensions in years to come for about 20 million people. “Within the private sector, it’s the low paid – those earning less than around £15,000 – that will be hit hardest. Gordon Brown made changes to the way the low paid accrue state pension, which resulted in employees with earnings below around £15,000 accruing relatively large amounts.

“Under the new rules, this population will be significantly affected. For example, for someone earning around £15,000 with a working life of 20 years, they will be looking at a drop of around £1,200 per annum. If that same person worked for 50 years they will be looking at £2,500 less per annum in state pension than they would have been entitled to under the old system.” Noon said more people would be affected than by cuts to tax credits. “With tax credits we’re seeing around three million people lose out, with a £4bn saving for the Treasury. With state pension changes, we’re seeing 20 million people lose, with an £8bn saving for the government.

Nulabour and tories were very similar though so it has looked like we had no choice but old labour which is making a comeback is very different.