ALEX BRUMMER: Bank of England governor blaming early retirees for soaring inflation

Given his willingness to blame everyone but himself for Britain’s lamentable record on inflation, Andrew Bailey never ceases to amaze.

In his latest intervention, the gaffe-prone governor of the Bank of England has turned his fire on the UK’s army of early retirees, accusing them of ‘reducing the productive capacity of the economy’ and thereby driving up prices, which — in turn — have to be combatted by interest rate rises.

But Bailey’s assault on Britain’s older citizens, people who have opted for a well-earned retirement after working for decades and building up a pension pot, is breathtakingly clumsy — and deeply offensive.

It fails to recognise that, for many of the older generations, the Covid-19 pandemic was, and remains, a life-changing experience.

As members of one of the most vulnerable sections of the population, many were made acutely aware of their mortality. Some have been left with an abiding fear of mixing with strangers on the daily commute to work, or in a busy office.

Crucially, the pandemic also caused a good proportion of older people to reassess how they planned to spend their last decade or two. Why bow to the demands of employers, or stick to the timetable set by the pension company actuaries, when there are more attractive ways to spend your golden years?

Apart from relaxing with family and friends, leisure time can be constructively filled with hobbies, travel, charitable work and volunteering.

What’s more, apart from converting people to the charms of retirement, lockdown also had the effect of promoting thrift. The population as a whole accumulated a savings cushion of £200 billion during the pandemic and learned that it was possible to live well on a combination of a nest egg and a decent pension.

Source of data and images: dailymail