Essentially, the Solvency 2 regulations make it difficult for our pensions and insurance firms to invest in long-term, secure, fixed assets in the UK.
The cat of Tory tax rises has fewer than nine lives. Especially if these breach manifesto pledges and are generationally unfair.
The theoretical aim of policy then should be bridging over what is hopefully a short pause in activity – eliminating near-term distress for households and businesses.