Quantitative easing debate

Responding to calls from the Treasury Select Committee for the UK Government to compensate pensioners who have lost savings because of quantitative easing measures introduced to stimulate the UK's economy, Graeme Francis, Age Cymru's Head of Policy and Public Affairs says:

"We welcome the Treasury Select Committee's highlighting of the problems that quantitative easing has caused pensioners who rely on ‘draw down' pensions.

"The call to compensate pensioners who have lost out financially because of the UK Government's decision to inject money more money to encourage economic growth is very welcome, and puts this problem firmly in the public eye.

"One of the unfortunate consequences of this situation is that it will be doing nothing to encourage people to save for the future, which is one of the Government's stated economic policy aims. 

"Seeing economic policy disadvantaging those who have paid money into pension schemes and saved money for their retirement will have the opposite effect.

"Age Cymru will be watching this debate with interest."