Nor can he help people who have saved all their lives for a pension and now find that their savings buy a derisory annuity; just enough to put them beyond the levels at which the state will help them. In short just above the level at which the state believes that you would starve or freeze to death without help.
He says that he understands the plight of people approaching retirement age who will get their pittance after a life of saving, but you have to ask yourself in what way Mr King can begin to understand or feel the pain. After all he won't have to buy himself an annuity. His salary is over £300,000 per annum and, although I cannot find any details of his pension, I have discovered that the deputy governors have funds between £2 and 3 million.
“All groups in society are suffering from the financial crisis,” Mervyn said, insisting that there can be no special help for particular groups. “Difficult though it is, we have to make a difficult judgement about the right course of action for the economy as a whole”, says Mr King.
Well, I don't see Mr King suffering much from the financial crisis, for which the banks are largely responsible, and I can't imagine how he can put himself in the place of a 65 year old with a pension pot of £70,000 and a future of financial insecurity.
So his difficult decisions won't be hurting him. And chucking another £50 billion at the banks won't make a great deal of difference to the economy as a whole, anyway. It will probably remain in their vaults, helping to pay for bonuses and salaries way beyond anything that is reasonable.
If the Bank of