Retirement plans of millions of Britons at risk after Bank of England ‘prints money’

Dandelion Salad

By Edmund Conway Economics Editor
Last Updated: 10:35PM GMT 06 Mar 2009

In a mere 24 hours the size of the pension deficits facing some of Britain’s biggest companies has jumped by around £100 billion to a record £390 billion – the equivalent of over £150,000 for every member of a final salary scheme.

The increase is a direct result of the Bank’s announcement this week to create £150 billion and pour it directly into the financial system, experts said.

The ballooning deficits sharply increase the chance that a swathe of companies shut down their pension schemes – not only for future employees but for those already paying into them.

It sparked further criticism of the authorities for endangering the financial future of Britons’ savers in their efforts to bring the financial crisis to an end. The Government and Bank have already been accused of obliterating the incentive to save by slashing interest rates on savings accounts and visibly attempting to stoke up high inflation in the years to come.


via Retirement plans of millions of Britons at risk after Bank of England ‘prints money’ – Telegraph

FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.


MI5 alert on bank riots

Royal Bank of Scotland – Give Us Back Our F****** Money

The Bottomless Bailout by Ralph Nader

The U.S. Financial System Is Effectively Insolvent by Nouriel Roubini

Bair Says Insurance Fund Could Be Insolvent This Year

What’s Dead (Short Answer: All Of It) (must-read)

The Economy Sucks and or Collapse 2

3 thoughts on “Retirement plans of millions of Britons at risk after Bank of England ‘prints money’

  1. Pingback: “Outlaw the Shadow Banking System!” Guess Who Said It? by Matthias Chang « Dandelion Salad

  2. Pingback: Jim Rogers: Is there any sound currency in the world? 2009.03.04 « Dandelion Salad

  3. Pingback: Bank of England Ignites Quantitative Inflation « Dandelion Salad

Comments are closed.