Pensions  

Labour pledges to overhaul social security system

Labour pledges to overhaul social security system

The Labour Party has said it will overhaul the social security system.

Margaret Greenwood, the shadow secretary of state for work and pensions, addressed the Labour conference today by saying the party would completely change the direction of the social security system.

While her speech did not once explicitly mention pensions, Ms Greenwood said the Labour Party would be inviting submissions from across the country to develop proposals "based on compassion and respect".

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"We will overhaul the social security system to rebuild it and restore dignity," Ms Greenwood said.

"Over the coming months, we will be looking to industries for their response to how the social security system can be improved."

Ms Greenwood also said the Labour party would make sure that parents and carers were able to re-enter into the workplace.

"We will ensure that parents and carers will be able to return to work again," Ms Greenwood said.

"We will use the social security system to rebuild equality and build a workforce with enriched skills and talents."

FTAdviser reported today (24 September) the Labour Party would overhaul employee share schemes by forcing all British companies with more than 250 workers to give 10 per cent of its equity to staff.

rosie.quigley@ft.com