Over 50s spending power slashed 9% in four years - Saga

The 50s campaign group said 21 million older Britons have seen their spending power slashed 9% in real terms over the past four years as a direct result of the Bank of England's policies, The Times reports. Saga said QE had forced many older people to cut back on essentials, as they reassessed their financial situations in response to the rising cost of living. It said this had in turn cost the economy £24.7bn - the equivalent to a 1.6% fall in GDP. Ros Altmann, director-general of Saga, said: “This age group represents more than half of UK households and contributes nearly half ...