Peter Jackson column

Apr 5 2007 By Peter Jackson, The Journal

I have told Gordon Brown many times that he should have got out while the going was good, but then, nobody ever listens to me.

It is remarkable that he could not see the obvious sense in quitting the Treasury while he was ahead and leave some hapless successor to pick up the pieces.

I advised the post of Foreign Secretary, a position of sufficient gravitas and standing to prepare him for the premiership, although, given the current international situation and Britain's place therein, perhaps it would not have been his best option.

But, given that a whole farmyard of chickens have come home to roost in the shape of the great pensions raid of 1997 (Pensionsgate?), he must wish he had opted for any other position, up to and including municipal ratcatcher.

Now there is the prospect of a Commons inquiry into the revelation that he ignored warnings that his decision 10 years ago to abolish tax credits on pension fund dividends would end in tears.

But sympathy for Mr Brown must be limited by the realisation that it is not only from his eyes that tears are flowing but also from those of us who have paid into pension funds and have seen an estimated £100bn wiped off the value of those funds as a result of his decision.

Until now, we have been able to derive some consolation from our rocketing house prices. Our pensions may have lost much of their value, but the old bricks and mortar have been appreciating by sums greater than the average annual salary. Come retirement, we could release the capital in our homes and live in comfort, despite Gordon's best efforts.

Sadly, this looks as though it is not to be. According to a report released earlier this week, house prices are rapidly outpacing wage increases, owners are struggling to make mortgage repayments and the barometer of house affordability has fallen by seven points in 12 months.

In other words, the house price boom is coming to an end and with it our alternative pension provision and the remains of any economic feel-good factor to buoy Mr Brown up as he heads for Number 10.

As Jilted John told us back in 1978: "Gordon is a moron."