Pensioner bonds extended

Graham_Devon

The pensioner bonds deadline has now been extended for 3 months.

George Osborne insists that this is nothing to do with the election, but even pensioners themselves who were interviewed by the BBC could see right through it. One, who could make use of th ebonds but hasn't suggested the money needs to go to young people, not those comfortable enough to lock money away.

One conservative MP (sorry, can't remember his name, but he's on the BBC news today) has gone as far to suggest it's outright inter generational theft. He stated that in this instance, they are dealing with an increasing national debt by increasing the national debt.

The IEA has suggested it's distorting the market.

What we do know is that these pensioner bonds have been very popular. George Osborne suggests this is surprising, but everyone else it seems isn't that surprised that offering higher rates with no risk gains some punters!

It's cost the taxpayer £350m so far. It's calculated that by next year, it will be costing us £700m a year. It's apparently the most expensive form of borrowing the government has.

So, good idea? Or just another election bribe to pensioners?

ETA: just heard someone from an investment company stating it's the most obvious piece of electioneering he's seen in his lifetime.

http://www.bbc.co.uk/news/uk-politics-31241867

Generali

It's an utterly ludicrous idea. This is a simple way of taking money from the poor and more particularly the young and transferring it to rich old people.

Generally I stick up for the Tories on most matters because, IMHO, they get more policies right than wrong. This is like a massive barrel of wrong with a lid of stupid on top and a huge ludicrous sticker put on the side.

michaels

The wierd thing is I would have thought it will benefit and affect the votes of those would are very likely to vote Tory anyway whilst not only being neutral for everyone else as most give aways are but actually negative in that it is clearly unfair.

But then I don't have access to the focus groups that determine policy....

wotsthat

Graham_Devon wrote: »

So, good idea? Or just another election bribe to pensioners?

Young people are far more gullible when it comes to election bribes and can usually be bought off with promises such as longer paternity leave, rent controls, utility price controls etc.

As they get older they'll realise that most of these promises are lies and will demand cash up front for their votes.

antrobus

wotsthat wrote: »

....As they get older they'll realise that most of these promises are lies and will demand cash up front for their votes.

Absolutely.

The only bribes that are any use are the ones that come in wads.

purch

3 things:

1. I agree with michaels, the Osbourne appears to be buying his own votes with this
2. I agree with Generali, "It's an utterly ludicrous idea"
3. In the grand scheme of things, compared to the huge amount of debt the country has and the cost of servicing it, these Bonds are a tiny drop in the ocean.

stator

Absolutely disgusted by the whole thing. Yet another tax payer funded give away to wealthy old people

mayonnaise

Generali wrote: »

This is a simple way of taking money from the poor and more particularly the young and transferring it to rich old people.

stator wrote: »

Absolutely disgusted by the whole thing. Yet another tax payer funded give away to wealthy old people

I didn't know old people are by definition rich and wealthy. You learn something new every day on the MSE forums.

Loughton_Monkey

Graham_Devon wrote: »

.......ETA: just heard someone from an investment company stating it's the most [STRIKE]obvious[/STRIKE] welcome and clever piece of electioneering he's seen in his lifetime.

I've fixed that for you.

Generali wrote: »

It's an utterly [STRIKE]ludicrous[/STRIKE] brilliant idea. This is a simple way of taking money from the poor and more particularly the young and transferring it to [STRIKE]rich old people[/STRIKE] the maturer element of this society who worked hard, saved, and made this country wealthy, only to find the younger generation throwing away every penny down the toilet of consumption and the gutter of irresponsible credit.

I've fixed that for you.

Mrs LM insisted on opening the bubbly again yesterday. She is not 65 for a few weeks, yet, and feared that the opportunity would have sold out. Now she will get her £20K of bonds, and doesn't need to vote Conservative, since they will win Epping anyway.

Thanks George!

.... large gin & tonics all round....

mayonnaise

It's good to see some taxpayers' money being spent on responsible members of society, who managed to save a little after a life of hard work, instead of the usual throwing cash at the !!!!less, lazy and idle.

Yep, good.

antrobus

stator wrote: »

Absolutely disgusted by the whole thing. Yet another tax payer funded give away to wealthy old people

Like the winter fuel allowance, free bus passes, and free TV licenses you mean?

mayonnaise wrote: »

I didn't know old people are by definition rich and wealthy. You learn something new every day on the MSE forums.

Presumably the old people who actually have spare money to invest in a pensioner bond must by defintion be 'wealthy' by virtue of their possession of this spare cash.:)