More than one million pensioners have been consigned to a life of poverty because of the Bank of England’s strategy of pumping money into the economy.

Every day, 1,500 people are forced to take a retirement income which has been lowered because of the policy called Quantitative Easing, or QE.

While the wider economy may recover, this lower income is permanent, damaging a pensioner’s wealth for ever.

To add to this, thousands of pensioners who rely on income from savings, and are already burdened with record low interest rates, have seen their returns eaten away by rises in the cost of living caused by QE. It means their nest eggs are now worth £41 billion less than before QE began.

This toxic combination of high inflation and low interest rates means many elderly people are now down to their last few thousand pounds after a life spent saving.

Since March 2009, the Bank has pumped £325 billion into the economy, with the latest cash injection of £50  billion announced last week. Read More

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