How has austerity hit retired clients?

The Office of Budget Responsibility has said the cost of our ageing population will have the biggest impact on the public purse over the next few decades. State pension costs are projected to increase from 5.6% GDP to 8.3% GDP, and social care costs are expected to rise from 1.1% to 2% of GDP by 2062. At the moment these changes may seem far off, with current pressures taking precedence. As the government grapples with the deficit and poor growth in the economy, it was announced on 18 July 2012 that the sharp drop in inflation could justify a further round of quantitative easing- hitt...