Government Stealth Robbing Older People ?

[olddutch]

Today the Telegraph writes

“But keeping interest rates lower than inflation and letting the currency take the strain is another way to reduce the Real Value of Debt. You can see why politicians may feel that is the ''least worst'' option.

Stealthily Robbing Savers by eroding the purchasing power of money is less likely to cause riots in the streets than spending cuts, because inflation tends to hit older people ”

It appears the British Government is already inflating its way out debt - despite paying lip service to sound money and 2% inflation target.

Savers and Pensioners (with Savings) have already suffered virtually zero interest rates - with the B of E bank rate at 00.5% for about the last 15 months

So Savers, Older People and Pensioners (with Savings) prepare to have the value your savings plundered for many years to come by deliberate (but Not admitted) Government High Inflation Policy.

What are the best ways for Savers to protect the value of their savings against the Ultimate Stealth Tax ?

[Old_Geezer]

Prudent responsible behaviour has been penalised for some time now. So little change there then.

[Gromit]

Vote Labour next time.

[olddutch]

which Labour Gromit ?

Diane Abbott, David Miliband, Ed Miliband, Ed Balls, John McDonnell or Andy Burnham.?

[youngmafbog]

Err, labour caused the inflation Gromit. Still a bit early to blame the Tories and/or Lib Dems

And the interest rate is set by the Bank of England, one of the good thinkgs Gordon did to be fair.

And yes, prudence has been clobered for years, thats why many baby bnoomers dont even have a pension. Mine was eroded massively particularly after Gordons raid on the didiends

[R1Geezer]

Bl00dy Tories, they've wrecked the country in a fortnight!

[Zeuhl]

Geezer!!!

PMSL you funny bugger!

[stokemaveric]

keep your money at home in a safe place....

[alavahalf]

I worked for an 80 year old lady today and she told me she bought 5 lock up garages over the years, for under £10,000... and rents them out on a cash only basis ... at £30 per month... It almost doubles her pension.

She's got the right idea...look after yourself...because no one else will..
Good luck to her..!

[jake-the-peg]

For many years people have got good interest on their money by doing no more than sitting on their behinds.

They have been paid for doing nothing other than having money

They have not had to risk that money - they have not had to do anything

Now the wheel has turned and the good times have come to an end and listen to them squeel

Guess what "savers" - the world doesn't owe you a living either - to get a good return on your money you'll have to invest in ventures that carry some risk.

The Torygraph itself was predicting Gold to double in 5 years yesterday - so no problem there then - off you go!

[Old_Geezer]

This good interest, ran way ahead of inflation did it ?

And anyway why shouldn't folk get paid for hiring out something they own. The hire shop down the road makes a good business out of it.

People who save forfeit the good times they could have had instead for that sort of security. It is immoral for the government to just use them as a cash cow simply because they are powerful enough to do so. Government should be working in the people's interest, not making scapegoats out of those who do the right thing.

[olddutch]

Bit bitter and unsympathetic Jake to Ordinary Oldies who try and provide for their old age ? or is it just a wind up ?