I hope that George Osborne will finally introduce some policies to help savers

Autumn Statement wishlist.

I hope that George Osborne will finally introduce some policies to help savers.  It is vital that the Government stops punishing those who want to take responsibility for themselves and their future, rather than spending everything immediately and then falling back on benefits.  Savers have had such a rough deal in recent years.  It is understandable that some emergency economic help had to be introduced, but enough's enough.  Savers need some help now, in order to ensure that future generations are not put off taking responsibility for their own financial future.

Whether it's young people saving for a house deposit, or older generations trying to prepare for retirement, savings have been damaged by recent policies.  Ultra low interest rates have decimated savings income, high inflation has reduced savers' capital spending power and the policy of Quantitative Easing which has bought huge swathes of the government bond market, has resulted in much lower pensions all round.

There are some major policies that I would love to see in this Autumn Statement.

1.  Help all savers by relaxing the restrictions on ISAs (tax free Individual Savings Accounts) so the savers can choose to use their full annual limit either to save in cash or in stocks and shares.  Currently, only half the annual allowance can be saved in cash.  But young people saving for a house deposit or retirees living on their savings cannot afford to gamble on the stock market.  They should be allowed to shelter the full annual allowance from tax.  This would have the same effect for them as a rise in interest rates, as they would get more savings income.

2.  Pensioners who do not want to buy annuities with their pension fund have had their incomes cut by Government policy when they are in an Income Drawdown pension.  I am calling on the Chancellor to allow people to take more money out of their own pension savings, rather than cutting their pensions in line with the plunge in market annuity rates.  The changes the Chancellor made last year have caused serious hardship for many pensioners, and reversing them would allow people to maintain their pension income, they would have more money to spend and pay more tax, so actually it would benefit the Exchequer.  If they have been responsible enough to save large sums for their retirement, they should be trusted more to spend it appropriately.

3.  I would like to see the Chancellor introduce policies to encourage people to save for later life care needs - at the moment, savings policy is focussing far too much on just pensions, without addressing the looming crisis in social care funding that is coming down the track.  A separate ISA allowance for care savings, which would only be tax-free if the money is used for care - either for oneself or a member of ones family - would start to signal to people that later life saving is about more than just pensions.

4.  I would like to see a more creative approach to encouraging pension funds to invest in local construction or infrastructure projects, or even lending to local businesses.  Perhaps issuing some local bonds specifically for pension funds, with a minimum return underpin that would allow local authority pension schemes to help boost their local economies, or to invest more broadly to benefit the UK economy. 

5.  I would like to see some temporary tax breaks for capital spending projects, perhaps a 12 or 24 month special incentive that would encourage firms to undertake expansion investments quickly.  Large firms have plenty of cash, but currently they are not feeling confident enough to use it. Giving them an incentive to do so, when we know they do have the money, could help kick-start growth and would pay for itself in reduced benefit spending.  Pension funds also have billions of pounds of investments, but they are currently using their money to buy gilts to try to reduce their risks.  This is a counterproductive strategy and the economy would benefit much more if they invested in projects that would provide a benefit to growth directly.

Ros Altmann is a UK pensions expert and campaigner

Savers have had a rough deal. Photograph: Getty Images

Ros Altmann is director general of Saga Group

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Donald Trump vs Barack Obama: How the inauguration speeches compared

We compared the two presidents on trade, foreign affairs and climate change – so you (really, really) don't have to.

After watching Donald Trump's inaugural address, what better way to get rid of the last few dregs of hope than by comparing what he said with Barack Obama's address from 2009? 

Both thanked the previous President, with Trump calling the Obamas "magnificent", and pledged to reform Washington, but the comparison ended there. 

Here is what each of them said: 

On American jobs

Obama:

The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth.  We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.  We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost.  We will harness the sun and the winds and the soil to fuel our cars and run our factories.  And we will transform our schools and colleges and universities to meet the demands of a new age.

Trump:

For many decades we've enriched foreign industry at the expense of American industry, subsidized the armies of other countries while allowing for the very sad depletion of our military.

One by one, the factories shuttered and left our shores with not even a thought about the millions and millions of American workers that were left behind.

Obama had a plan for growth. Trump just blames the rest of the world...

On global warming

Obama:

With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.

Trump:

On the Middle East:

Obama:

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. 

Trump:

We will re-enforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate completely from the face of the earth.

On “greatness”

Obama:

In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned.

Trump:

America will start winning again, winning like never before.

 

On trade

Obama:

This is the journey we continue today.  We remain the most prosperous, powerful nation on Earth.  Our workers are no less productive than when this crisis began.  Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year.  Our capacity remains undiminished.  

Trump:

We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs.

Protection will lead to great prosperity and strength. I will fight for you with every breath in my body, and I will never ever let you down.

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland