Tuesday, September 28, 2010
Following on from Mr Bean’s savers comment
Dr Ros Altmann has criticised the Bank of England (BoE) for chasing short-term growth while "decimating" pensions. The independent policy adviser made the comments after the deputy BoE governor, Charlie Bean, told Channel 4 on Monday that a key aim of the bank's monetary policy was to hit savers hard. Dr Altmann said this was not a side effect of the bank's monetary measures designed to help the banks but a deliberate policy choice. She said: "The economic crisis resulted from too much debt and not enough saving - but short-sighted policy is repeating the same errors by attempting to undermine savers and damaging pensions.