So the BoE governor Bailey blames early retirement for putting upward pressure on inflation. In a speech to economists he said that these retirees spending their savings was maintaining demand and requiring increased interest rates to reduce demand. So as an early retiree I’ve not got a mortgage and i’m going to get better interest on my savings, that’ll stop me spending for sure.
Meanwhile the chancellor thinks that removing the lifetime allowance on pension pots is going to get early retirees back to work, however if you’ve started drawing down on a pension your contributions are capped to £4K per year before you have to pay tax on them.
Led by donkeys.
