Woops

Woops, hope this blog is not going to turn out like my old diaries - regular entries for the first few weeks and then a gradual dwindling to nothing!

The Bank of England lowered the interest rates again last week which is all well and good but I can't help thinking a hole is being dug. All those pensioners who have saved up and were using their interest as a source of income will now be having to spend their capital. As pensioners they will not have any means of regaining that capital so it is a steady wearing away of their resources. It seems very unfair. One source said that pensioners would have lost 80% of their income if they were relying on savings. In the long-run they are likely to have to rely more heavily on the state which will possibly be a greater cost to the state than maintaining a higher interest rate - even just for pensioners! I don't know enough to make suggestions for solutions but I do feel that the politicians are often so coccooned in their world that they seem very out of touch with what is happening on the streets and long-term consequences.