Meanwhile, the 3.8-percent tax on unearned income, like capital gains, dividends, and interest, will discourage saving and investment.

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It is a nice irony that the bank, which has done so much to discourage saving, is one of the most prudent savers of all.

ECONOMIST: How low real interest rates hurt pension funds

The chancellor has been irked by Lord Turner's criticism of the way his pet means-tested pension credits discourage saving and he is resentful of the commission's intrusion on his Treasury turf.

ECONOMIST: Bagehot

This is not only unfair, but it may also discourage low earners from saving at all.

ECONOMIST: From richer to poorer

All such bestowed benefits turn out to discourage beneficiaries from behaving constructively--saving money and accumulating assets, say, or making the prudent life choices, such as marriage and education, that truly help households "move up" to better neighborhoods.

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