Osborne drops pensions reform
British finance minister has decided to drop plans for a pensions overhaul which had run into opposition by his own Conservative Party members who are split over the UK's EU membership.
George Osborne has been considering reforms of the pension system which could raise revenues for his push to turn Britain's budget deficit into a surplus by the end of the decade.
The reform options included introducing a flat rate of tax relief on pension contributions, which would hit wealthier savers, or the more radical idea of taxing pension contributions and ending the tax-free lump sums that pensioners enjoy now, Reuters reported.
The finance ministry has not yet commented on the report.
This is not the first time that Osborne drops plans from economic reforms. Last year, Osborne was forced into a major policy U-turn when he announced plans to cut tax credits for low-earning households but dropped them after they were opposed by lawmakers across the political spectrum and rejected by parliament's upper house.
British Prime Minister David Cameron and Osborne are leading the campaign to keep Britain in the EU when the country votes in an in-out membership referendum on June 23.
The latest surveys say the British voters are split almost 50-50 on whether to stay in the bloc or leave.
Osborne's rival for the leadership of the Conservative Party, Boris Johnson, is backing the 'out' campaign.
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