Rather than George Osborne, I fear that it is the media that is likely to stir inter-generational war. This article published by the Telegraph is an example. Check it out!
I rarely come to the aid of George Osborne but on this occasion, he is right. I heard him defend this point on the BBC’s Andrew Marr show on Sunday morning. Essentially, Osborne said that the monetary policy and mortgage guarantees had done a lot for young people, so he felt that it was equitable to help elderly savers.
Increasingly, elderly people are being squeezed in the UK, despite most having paid taxes all their lives:
- Falling medical standards
- Unavailability of latest medication, especially for cancer treatment
- Collapsing public care standards
- Low returns on savings because of monetary policy
- Inadequate pensions because of the policies of the last Labour government
So far, the elderly are not as angry as in Japan, but it time to recognize that although they have worked and paid taxes, society is now trying to abandon them to an early death.