The Opposition’s secretary for work and pensions said that Cooper’s involvement in the changes to pensions taxation in the latest Budget could lead to questions about “what sort of approach she is likely to take”.
“Cooper’s just helped Alistair Darling create this Budget, which has seen £3bn taken away from the pensions industry in tax relief. She comes with a lot of question marks about what she will bring to the role,” she said.
May also criticised the decision to keep Alistair Darling as chancellor, declaring that it illustrated Gordon Brown’s lack of authority and inability to choose his own cabinet.
Steve Webb, Liberal Democrat secretary for work and pensions, praised Cooper as an economically literate and sound appointment, but criticised the constant new appointments of ministers and secretaries in the department for work and pensions (DWP).
“When it comes to pensions, where you need stability and a long term framework, the chopping and changing won’t work,” he said.
“There’s a perfectly plausible scenario that says the pressure becomes too great for Brown, he is forced out and a new leader would bring their own people in. This could include Yvette Cooper, but it could be someone new in the job."
Industry views about the appointment called for a swift affirmation of Cooper’s commitment to pensions. Friends Provident’s head of corporate pensions marketing, Martin Palmer, said Cooper needed to quickly demonstrate a deep interest and appreciation of the issues surrounding pension provision and engagement in the UK.
He added that initial evidence would suggest she doesn't have too much obvious experience in the pensions arena and stressed he would be keen to see her demonstrate a sound understanding sooner rather than later.
The National Federation of Royal Mail & BT Pensioners, Unite, welcomed the Cooper’s appointment but warned her that as a cabinet member with the responsibility for the future welfare of 12 million pensioners in the UK, she had a challenging time ahead.
In a statement, the body said: “Unite also notes that this is the 15th ministerial change within the DWP since 1997, and the seventh since 2005.
“While recognising that these are fluid political times, Unite calls on the government to consign the ‘revolving door’ policy of ministerial change to the past and to focus on what really matters to people, bettering the position of pensioners in society.”
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