As interest rates plummet further, the Government still refuses to lend a helping hand to pensioners who are being hit hard by the reduction in income this brings.
Over 8 million pensioners gain an income from savings, bringing in around £3-4billion a year in tax revenues for the Treasury.
With rising bills, food prices and with lower savings income, many pensioners will no longer be able to support their standard of living.
Torbay MP Adrian Sanders has been raising the concerns of many Torbay pensioners in Parliament but so far the Government has refused to offer any additional help to struggling pensioners.
Adrian said: "Once again the Government is sticking its head in the sand. The Minister can only point out help for pensioners that is being totally dwarfed by the impact of the recession. Nothing new is being done to help pensioners in the face of the downturn and with one of the worst pension levels in Europe, British pensioners will soon be suffering further under this Government."
"With banking executives receiving massive pensions and bonuses and with billions wasted on an ineffectual VAT cut, the least the Government can do is provide a real increase in the state pension as well as reducing the tax burden on savings."
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