Upper middle class is a made-up term to make those in the working class who earn the most think they’re not in the same boat as “the poors”. If everything comes crumbling down, they’ll be waiting in the food lines like the rest of us. Millionaires and billionaires will not have the same problems.
We’ve seen from things like the Panama Papers that the rich are far richer than they’d have you believe. I’m sure they’ll be just fine being taxed a bit more.
Also, £120 billion of pension money is likely to wind up straight back in the pockets of the same billionaires anyway as they own the major companies that pensioners are going to be buying everything from anyway.
Spreading doom and gloom that we’ll just all have to suck it up and suffer the consequences of past decisions is a shite position. Don’t repeat past mistakes of letting the rich off with it, eat the rich, enjoy retirement at a reasonable age, spread socialism.
Sadly, it’s just a shadow minister, which means no power. He’s not in government, but rather is the government’s opposition. It’s looking likely that at the next general election Labour will win, and he’ll have some power to do something then, but at the moment it’s just words.