The Bank of England’s attempts to prop up the economy have cut typical pensioners’ incomes by more than £4,000 a year and sliced almost £10,000 off the real value of their savings.
Drastic cuts in interest rates and the Bank’s policy of printing new money have delivered a triple blow to pensioners:
their income from savings has been sharply reduced
inflation is eating away at their capital
annuity rates, which determine the income from private pension pots, have fallen significantly