Quantitative easing: Pensioners are paying the price for Sir Mervyn’s ‘funny money’

Let’s try a thought experiment. Imagine that George Osborne were to stand up in the House of Commons and declare that, in order to avoid a new economic crisis, he had decided to raid our pension funds. The Treasury, he would say, had reluctantly concluded that it had no choice but to confiscate about £74 billion from what we’ve all been saving for our retirement. Furthermore, VAT would have to rise by another 2 per cent. The cash would be used to reduce the interest rates paid by Britain’s borrowers (his Government chief among them). And yes, he would add, it probably seems grossly unfair to transfer wealth from the thrifty to the profligate, but this is an emergency. The alternative is another banking crisis, or a new Great Depression.

If Mr Osborne did say all that, there would be uproar. The Chancellor would face unflattering comparisons with Robert Maxwell. Pensioners would be protesting outside Westminster, asking what right the Government had to steal their savings. The Institute for Fiscal Studies would publish graphs showing the “unfairness” of a VAT rise, since it would hit the poorest hardest.

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About OyiaBrown

Please send me, as a comment to this page, any old material you have for inclusion in The Daily Joke Alert - to help enable us all to have our fancy tickled regularly! Never mind the state it's in as I tidy everything up prior to publication. Don't let good material go to waste - and so much does. In the interests of the environment we should always try to re-cycle everything, especially jokes. You know that makes sense! You may find some historical stuff here, but this does not really matter as humor is fairly timeless.

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