Pavilionaire
Well-known member
- Jul 7, 2003
- 31,115
Most pensioners wil have saved some money, whereas most young people will have nil/ negligible savings.
Therefore, the interest rate increase has meant while the young have to pay more on their mortgages the pesnioners are getting a shitload more interest.
Indeed, for a pensioner with £10K savings they'll be getting c £300 more interest per year than 22/23, so more than enough to offset the loss of the £200 annual winter fuel allowance, while the net incomes of the young after mortgage payments are actually down.
And £10K is on the low side, many pensioners will have a six figure sum tucked away and be earning thoussands more in interest than before. And this is not forgetting each pensioner can shovel £20K a year of their taxable savings into a tax free ISA.
Reeves and Starmer should be pointing out the winners and losers from the interest rate hike because from the media reports you would think this was the end of the world for pensioners.
Therefore, the interest rate increase has meant while the young have to pay more on their mortgages the pesnioners are getting a shitload more interest.
Indeed, for a pensioner with £10K savings they'll be getting c £300 more interest per year than 22/23, so more than enough to offset the loss of the £200 annual winter fuel allowance, while the net incomes of the young after mortgage payments are actually down.
And £10K is on the low side, many pensioners will have a six figure sum tucked away and be earning thoussands more in interest than before. And this is not forgetting each pensioner can shovel £20K a year of their taxable savings into a tax free ISA.
Reeves and Starmer should be pointing out the winners and losers from the interest rate hike because from the media reports you would think this was the end of the world for pensioners.