Haldane Pain

 

 

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.