Bank of England pensions row

Pensioners group Saga have said the Bank of England's Quantative Easing measure are "impoverishing pensioners" after the bank issued a report saying that pension schemes had benefited.

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Saga: Bank of England's QE is 'permanently impoverishing pensioners'

Dr Ros Altman, Director general of Saga, has accused the Bank of England of failing to properly address the impact of quantitative easing on 21 million people over 50 who she says have been negatively impacted.

The damage is particularly problematic, yet the Bank keeps suggesting it is not due to QE. The reality is very different. Buying gilts and artificially driving down gilt yields which underpin both defined benefit and defined contribution pensions is causing significant economic damage, is permanently impoverishing pensioners, is pushing up inflation and damaging consumer spending. All the negative impacts need to be taken more seriously.

– Dr Ros Altman, Saga

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