Simon Rose and Ros Altmann argue the case for savers and pensioners at the Treasury Select Committee inquiry into QE

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In its report on the Government’s 2012 Budget, the Commons Treasury Select Committee asked the Bank of England to produce a report about Quantitative Easing’s effects in redistributing wealth. It subsequently launched an inquiry into QE to which Save Our Savers was asked to submit evidence.

On Tuesday, 29th January, Simon Rose of Save Our Savers and pensions expert Dr. Ros Altmann gave evidence in person to the Treasury Select Committee. The full morning session can be seen here, with the appearance by Simon and Ros at around 10.16 am.

However, given that our evidence lasted about 50 minutes, we have also put edited highlights, totalling just 18 minutes, on YouTube. Simon and Ros set out the appalling effects that the Bank of England’s policies have had on savers and pensioners, with serious ramifications for the economic future of the economy. Dr. Altmann explains how QE has hit pension funds and asserts that it can never produce growth.

Amongst other things, Simon points out that you cannot increase a country’s wealth by producing money, only by producing goods and services, and he challenges the view that lower interest rates automatically produce growth. He also claims that QE is a form of pain relief, not a cure for the disease, and that it has led to a zombie economy.

We shall be writing more about the inquiry and our part in it shortly, but wanted to make our appearance availalbe to those who support Save Our Savers as soon as possible.

Written evidence supplied by Save Our Savers prior to attending can be seen here on the Treasury Select Committee section of the Parliament web site.

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6 Comments

1. Dead Wood

   January 31, 2013 at 5:10 pm

   A very articulate contribution from Dr Altmann and Simon Rose which may actually get the politicians to listen. If only we were presented with a similar opportunity to fight the case against Funding for Lending we might, at long last, see some improvement in savers’ interests.

   Recommend (9)
2. John H

   January 31, 2013 at 5:13 pm

   Pity the brief didn’t extend to the catastrophic impact, far more marked than QE in my opinion, of the idiotic Funding for Lending Scheme – the madness shows no signs of ending.

   Talking to my building society manager – there is no need to offer savers decent rates “with all this government money around”.

   Helps to keep the zombie economy staggering on though…

   Recommend (10)
3. Andy Frith

   January 31, 2013 at 7:16 pm

   Well presented and glad you had the opportunity to make your case at the Committee.

   One minor point – both videos seem to have a couple of very odd loud beeps part way through! Could these be removed?

   Recommend (3)
4. X

   January 31, 2013 at 9:34 pm

   Great presentations from you both and a big thank you for acting on all our behalfs.

   Let’s wait and see the outcome. The problem is these days that stalling tactics are employed too often by those in authority, and the lackies of the Roth$$child banking family seem to be everywhere these days. When you have control of the money supply of a country you can buy and control just about anyone.

   Recommend (9)
5. helen

   February 1, 2013 at 2:12 pm

   It seems from all quarters now the totally corrupt government want to rob savers who had absolutely no other option or source of income in retirement of every penny
   0.5% Bank Rate
   QE
   FLS

   and now removal of 10% tax rate
   add on removal of Age Allowance and the devastating effects of inflation which in no way whatever is represented by CPI on miserly state pensions even if you got the Full £ 107 a week

   Clearly they want as many Pensioners as possible to starve to death or die from hypothermia
   because they certainly have no intention of honouring their promises of HELPING SAVERS
   and they care not one jot for pensioners yet all MPs and Civil Servants and especially B of E staff will be sitting pretty on handsome Pensions

   Recommend (10)
6. Carl

   February 7, 2013 at 12:13 pm

   Simon Rose makes a good point about the importance of saving. Hardly anyone else except Peter Schiff seems to grasp this, because people can’t tell the difference between a saved pound, a borrowed pound and a printed pound. There is an adjective to describe an economy where people spend every penny they earn and no-one saves: Subsistence.

   Recommend (3)