Osbourne picks the pockets of pensioners
The Coalition Government is still reeling from a series of self-inflicted wounds.
It should not have come as much of a surprise when the Coalition Government announced plans to take a large chunk of cash from pensioners. From the beginning, the Coalition Government has considered that pensioners should carry a lion’s share of the cost of rectifying the damage caused to the British economy by the Blair Brown Regime.
Pensioners already suffered the massive tax hikes by the Blair Brown Regime that destroyed the Final Salary Pension that was once the standard British pensioners aimed for. Any who held the deluded idea that the Coalition Government would make any attempt to help redress their complaints were soon disappointed as the Bank of England continued to thrash savers by keeping the Bank Rate at 0.5%. As many pensioners depend on savings to provide interest to assist their pension income, they were particularly damaged and to rub salt into their wounds, they saw bankers squeezing borrowers to provide the profits to pay massive bonuses to themselves.
The increase in State Pensions has been much claimed by the Coalition Government as evidence they they really love pensioners. The reality is different. The Government took a convenient inflation calculation to base pension increases on. Unfortunately, pensions are facing significantly higher inflation in the prices of goods that they have to purchase, such as energy. The result is that the much touted pension increase is really a decrease.
It should therefore have been no surprise when the recent budget disclosed plans to thrash pensioners saving even more.
The problem for pensioners is that the three old failed parties all share the same distain for pensioners and the only different is which is most hostile to the group of voters most likely to vote at elections.