“Savers told to stop moaning and start spending!
So the Deputy Governor of the Bank of England, the comically named Mr Charles Bean, has announced that pensioners and the like should stop whingeing about interest rates and get out their and spend their money. They should “not expect” to live off the interest from their savings and should spend the capital gains they have made in the past. Nice.
As with so many pronouncements from overpaid underworked civil servants this particular verbiage is wrong on so many levels. Does Mr Bean really think that all pensioners have amassed a capital fortune over the past decade? What about those who have just retired and seen their annuities and pensions savaged by the greed of the banks and the gross negligence of those institutions designed to monitor them (that’ll be your bank Mr Bean..). With real inflation (another area of your responsibility Beano old boy) running at a ruinous level for the things that matter (utilities, food, council tax, petrol and the like) life is difficult enough for many pensioners as it is. Most have already had to eat into whatever capital reserves they have, if any. In addition they are often having a support younger generations to merely survive, be in through climbing onto the property ladder or simply getting by day to day.
You try it Mr Bean
However what really galls me about this sort of nonsense, in much the same way of Uncle Vince’s recent rant on Mansion Taxes, is the sheer hypocrisy and arrogance of civil servants like Mr Bean offering advice from their super gilded ivory towers. As well as a no doubt very generous and thoroughly undeserved salary, with lashings of expenses and other benefits thrown in, Mr Bean can look forward to a very long and very happy retirement funded entirely at our expense. Not for him the need to worry about interest rates. Why worry when you’re on a gold plated public sector final salary pension which will give you more money to spend that you possibly could do in one lifetime.
As I ranted about soon after the coalition cam into power back in May, it is high time public sector pensions were slashed or better still stopped altogether for the likes of Mr Bean and his ilk. While you’re at it cut his salary to make it commensurate with his contribution to real life, and maybe, just maybe he and his friends would stop making such fatuous comments and start coming to realise what life is like for real people in the real world.
Just a thought…