Is this the most pension unfriendly Government ever?

[Gromit]

// [£50Billion Quantitive Easing] has left more than a million pensioners permanently poorer it was claimed on Thursday night. Economist Ros Altman, Saga's director-general, said the programme pushed annuity rates down, and had contributed to them falling by about a quarter over the past three years. //

We are all in this together, remember.

[Gromit]

Should read:

Pensioner unfriendly government.

[Everhelpful]

Why should they worry about Plebs like us? They are all Multi-Millionaires in Government,so couldn't really give a stuff about us. It must be killing them having to give Pensioners 5% plus, rise in April.

[flip_flop]

No.

Gordon Brown's pension stealth tax makes New Labour the most pension unfriendly government ever.

[factor-fiction]

Quantitative easing.

The policy is generally regarded by economists as worthwhile. There are of course downsides to everything, but things may have been even worse without it. It helped stimulate demand and stopped us falling further into recession.

Similarly, low interest rates have helped many people (mortgage payers particularly)but have affected people reliant on income from savings.

I don't think any economist has any solution which makes everyone better off all the time and makes us immune from global economic slumps.

On a positive note these pensioners are better off than pensioners of the previous generation.

[factor-fiction]

Oh yes, it was under Labour that the quantitative easing programme was launched. I would say it was under Blair/Brown that we had the most pension unfriendly government- remember Gordon's changes to ACT which removed billions from pension funds

[Sqad]

Annuities have halved over the past 10 years.

Gordon Brown creamed the top off all private pensions.

People live longer.

Stockmarkets are unsettled and gilts have lost value.

Yes, you can blame the coalition government but it would be difficult to substantiate on the facts given above.

However, this government must tackle the problem of savers and pensioners.

[Everhelpful]

Yes,factor30 you are right. I pay: Poll Tax £132.per month,Gas and Electric £125 per month,Water Rates £41 per month,that is without a telephone. I am saving up now to buy a Loaf of Bread,only 74p.at Aldi.!!!!

[Gromit]

Sorry, I forgot to include the link. Here it is

http://www.telegraph....0bn-into-economy.html

[factor-fiction]

I agree with Sqad. Despite the introduction of this new auto enrolment scheme for pensions (which is totally inadequate) there is no incentive for large numbers of people to save for a pension (because of pension credit/means testing) and most of us seem unwilling to put away the amount money we need to give us the standard of living we want for 20-30 years in retirement.

[factor-fiction]

Yes Everhelpful. I know it's not easy on a pension if one hasn't made provision through private/works pensions or hasn't been lucky to inherit property/money, but pensioners are I'm sure better off than they were a generation ago.
By the way, Poll Tax went out about around 20 years ago.

[Gromit]

// George Osborne has warned that the Bank of England’s strategy of quantitative easing is a “leap in the dark”.
The Shadow Chancellor described the decision to effectively print more money as a “last resort”, necessary because of the “complete failure” of Labour’s other measures to tackle the recession.
He told BBC News, "I don't think anyone should be pleased that we have reached this point. It is an admission of failure and carries considerable risk.” //

- George Osborne before he became Chancellor.

http://www.conservati...leap_in_the_dark.aspx

[factor-fiction]

Yes, politicians do speak with forked tongues. They try to make political points and rarely agree with the other party's policies. Just as Milliband is doing now- for example criticising the RBS bonuses that Labour put in place.

[Old_Geezer]

Wish I was allowed to print money any time I needed some, and convince everyone it was for the good of the economy.

[rov1100]

QE is such a good thing that countries like Germany and France are steering clear of it with a barge-pole. Have our government lost the plot completely that by printing money that is not earned eventually we will become a cropper and inflation will take off skywards. We all know what happened to the Mark and Japan has never recovered from a recession after using it.