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