There
has been quite a kerfuffle in the economic / pension world over the past week.
In
short, Andy Haldane who is the Bank of England’s Chief Economist (he’s a big
deal) decided to go public with his opinion that “I confess to not being able
to make the remotest sense of pensions”.
Oh
dear.
Not
having a ‘foggy’ about pensions is pretty damn important given that there are
hundreds of billions sloshing around in those darn pensions. Just a 1%
collective change in how these pensions are invested could cause a financial
collapse the likes of which we have never seen before. Or just a 1% collective
withdrawal from pensions would see inflation reach 15% within a heartbeat. Or
there is the financial impact of the State Pension rising from age 65 to 66, 67
and 68. Just a couple of thoughts off the top of my head that make pensions
pretty important don’t you think?
Being
able to make sense of pensions should be the bear minimum prerequisite for the
role of a Chief Economist surely?
This
is the same man that was voted one of the ‘most influential people in the
world’ by Time magazine in 2014.
No
further questions your honour.
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