Iain Duncan Smith "hits back" at the left, misses, smacks self in face

5 ways in which the Daily Mail just demonised Iain Duncan Smith.

In today's Daily Mail is a piece in the defence of Iain Duncan Smith against the left. Well, that's what the headline says it is - "Iain Duncan Smith Hits Back At The Left".  But start reading the piece itself and you begin to see the defence is rather double-edged. More of a skewering, really, than a defence. Read on, and you realise the piece is actually a masterclass in the art of damning by faint praise - these people know what they're doing, by God, and they're doing it well. Get to the end, and your thoughts have actually come full circle - the piece IS hitting back at the left -  it's showing the left how it's done. The left, the piece suggests, have been trying their hardest to demonise this man, and they've got nowhere. Here though, it seems to continue, is how to do it. This, right here in your vegan, roll-up stained hands is the definitive template for taking down a Tory MP. Let's just break it down again, for those slower lefties at the back:

First, ignore any defence of Iain Duncan Smith that might actually work - his principles, his intelligence, or the difficult nature of his job - or if you have to just give them a passing mention. Focus on his poverty. Yes, make a real case for this now rich man having at one point been poor (although he wasn't actually that poor).

Second, when bringing up the time he was poor, be careful to stress the ways in which he was better off than the average benefits claimant. For example, that he had somewhere to live, free of charge:

During those days of hardship, he would leave the house each morning and go looking for work, only returning in the evening after his future wife, Betsy Fremantle, had arrived home from her secretarial job.

The honest truth is that I lived illegally with Betsy in the bedsit, trying to pretend I was not there. I didn’t have any money, which is why I tried to avoid the landlady,’ recalls Duncan Smith.

Point out exactly why he makes an easy target now, and then pair that with a comically weak defence:

Fortunately for his enemies, he makes an easy target because he lives today in a £2 million 16th-century house in acres of farmland in Buckinghamshire.

He does not own the house, which belongs to his in-laws Lord and Lady Cottesloe, nor will he inherit it. He moved in a decade ago when Betsy’s parents, who are in their 80s and in frail health, couldn’t manage the property.

The personal vilification we have endured over where we live is outrageous,’ he says. ‘I am not involved in the property and Betsy does not have a financial interest. We don’t get a bean from the farm and have never drawn any income from her parents.’

In fact, screw it: you can't have too much lavish description of his wealth (or too much comic bathos to follow):

It was home to Sir Thomas Fremantle, an admiral who served with Lord Nelson in the Napoleonic wars, and whose son, also called Thomas, was a Conservative politician and the first Baron Cottesloe.

Betsy’s grandfather, the 4th Lord Cottesloe, was the unpaid chairman of the Arts Council and instrumental in the creation of the National Theatre. One of the National’s three theatres bears the Cottesloe name.

Duncan Smith says: ‘It is upsetting when they keep on about our privileged lifestyle. When times got tough we adjusted our spending accordingly.’

Make sure any points you make in this piece in his defence can be undermined by something you wrote earlier:

Duncan Smith knows the personal abuse will continue and that the Left will continue to exaggerate his wealth. In fact, the only property he owns is a one-bedroom former council flat in London.

..and from the Mail in 2001:

And for the final flourish, every time you suggest he is poor, make sure you "contextualise" this poverty in the right way. He's poor because he spent all his money from the yacht sale on soufflés, or he's poor because he spent all of his trust fund on skiing holidays, or...

Most of the money from the sale of their Fulham home, after they moved in with their in-laws, was spent on their children’s private education. Their eldest son went to a state primary school and won a scholarship to Eton.

Daily Mail, you have done us proud.

Iain Duncan Smith. Photograph: Getty Images

Martha Gill writes the weekly Irrational Animals column. You can follow her on Twitter here: @Martha_Gill.

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Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: www.oldmutualwealth.co.uk/ products-and-investments/ pensions/pensions2015/