Peter Hoskin

Sticking up for savers

An effective article by George Osborne in this morning’s Telegraph, sticking up for savers and pensioners. It’s well worth reading the whole thing, but here’s the first couple of paragraphs:

“Over the past year, someone with £10,000 of savings in an easy access high street account has seen their income fall from £50 a month to less than £25. Having planned for their retirement and put money aside for a rainy day, pensioners and savers are seeing their living standards fall. Those who weren’t caught up in Gordon Brown’s Age of Irresponsibility are being made to pay the price for it.

Of course, cuts in interest rates by the Bank of England are absolutely necessary to try to restimulate the economy. That is why we called for them. But the unavoidable collateral damage on savers is devastating and it’s simply not good enough for the Government to walk on by.” Aside from the crucial issue that Osborne’s raising here, it’s striking how he tries to appropriate the “do nothing” accusation and turn it back on Gordon Brown. 

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