Economic Policy for Credit Crisis


CityAM Feature on Ros – the Savers Champion talking about pension reforms, QE and life in the City new!
26 March 2015
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City AM newspaper interviewed Ros for a feature article about her life and her work


Cutting pensions lifetime allowance is wrong policy new!
19 March 2015
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The Shropshire Star featured Ros’ views on the unfairness of cutting the lifetime pensions allowance


Budget 2015 – my thoughts – A Savings Revolution to follow the Pensions Revolution
18 March 2015
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Ros gives her thoughts on the 2015 Budget measures – a Savings Revolution


Spectator Magazine: QE is eating your pensions
4 March 2015
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Ros wrote an article for the Spectator Magazine explaining the damage being done to pensions as a result of ongoing bondbuying by the Bank of England’s QE programme


Pension wise launched – Financial Adviser
12 January 2015
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The Financial Times Financial Adviser magazine reported Ros’ views about the new Pension wise Guidance Guarantee


Bank of England policy damaging pensions and annuities as deficits soar £200bn
10 January 2015
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The Herald, Scotland, explains Ros’ views about the danger of ultra low bond yields on pensions and annuities


Tesco to close its pension scheme
6 Jan 2015
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Ros discusses the potential closure of Tesco pension scheme and points to the impact of low bond yields on pensions


Time to debate the impact of low bond yields
4 January 2015
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Ros looks at the impact of ultra low bond yields on pension funds and annuities and points out that the Bank of England is still buying long gilts, which forces interest rates down and makes pension deficits and annuity income much worse


Stockmarketwire: Altmann calls for debate on low bond yields
5 Jan 2014
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Stockarmektwire highlights Ros’ concerns about the damage being done to pensions by low bond yields


Reaction to Autumn Statement 2014
3 December 2014
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Ros outlines the measures announced in the Chancellor’s Autumn Statement, explaining what it did for pensions, savings and older people as well as the measures that were omitted which Ros would have liked to see


Daily Mail Monday Column – let’s use pension savings to fund housebuilding
24 November 2014
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Ros wrote an article published in the Daily Mail Business Section Monday Column calling for new housebuilding funded by pension assets to help create jobs, boost the economy and offer attractive risk/reward alternative for pension funds


Advice crucial to success of pension freedom
26 March 2014
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Ros welcomes the first day of new pension freedoms but expresses concerns that giving people access to good advice will be crucial to making the reforms a success for individuals.


Express Budget Comment - No more rip-off annuities, a savings and pensions revolution
20 March 2014
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The Daily Express carried a Comment piece from Ros about the monumental changes to savings and pensions in the 2014 Budget.


Budget 2014 - Ros' Wishlist granted! End of forced annuities
19 March 2014
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Ros welcomes the revolution announced in the Budget for pensions and savings, with increased flexibility for ISAs and more pension savings taken as cash - she has called for these changes for many years.


Wishlist for 2014 Budget
18 March 2014
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Ros issues her wishlist for the Chancellor's Budget, calling for relief for savers, more flexibility for pensions and savings and no more meddling with pension restrictions.


Sunday Post - Time to give savers a break in Budget 2014
17 March 2014
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The Sunday Post supported Ros' views that the Chancellor needs to ensure the Budget works well for savers and improve the flexibility of ISAs and pensions.


Altmann calls for end to low rates
4 March 2014
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Ahead of the 5th anniversary of record low rates and the start of QE, Stock Market Wire carries Ros' views that rates need to start rising and have stayed too low for too long.


Five years of record low rates - winners and losers
4 March 2014
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Ros' views were featured in Pensions World, explaining the winners and losers from the Bank of England's policies five years on.


Five years on - the verdict on QE and low rates
4 March 2014
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Ros wrote a review of the impact QE and ultra low interest rates as the five year anniversary of these policies arrives. She highlights powerful winners and many losers with large risks looming on the long-term as rates have stayed too low for too long.


QE has damaged pensions
25th February 2014
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Ros explains how QE has damaged both DB and DC pensions, but these impacts have been overlooked


QE five years on - rejoice or despair?
28 February 2014
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Five years on from the start of QE and ultra low interest rates, Ros outlines ten reasons for some to rejoice and ten reasons for others to despair


FT Pensions Expert: How QE has harmed UK pensions
24th February 2014
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Ros wrote a 'Talking Head' piece for the Financial Times publication 'Pensions Expert' which explains the damaging impact of Quantitative Easing on UK pensions


Polish pension confiscation - how safe are private pensions?
22 February 2014
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Ros highlights how little fuss there seems to have been that private pension assets are being confiscated by Governments as economic conditions become tough and asks whether safeguards may be needed for private pensions


Low rates bonanza for mortgage borrowers is great income boost
4 February 2014
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Description: Ros analyses the latest Bank of England statistics and calculates how much extra income a borrower with a £100,000 mortgage is enjoying since 2008 as a result of low rates and how much income savers are losing over the same period


A bonanza for borrowers but savers lose out as rates stay low
3 February 2014
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Ros shows how much money mortgage borrowers have gained as a result of low interest rates and how much savers have lost out


Annuities are not fit for purpose for many
2 February 2014
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Ros explains why she spoke out against selling annuities to customers without any suitability checks and explains why annuities are no longer fit for purpose.


2014 - a Boom Year - electoral and economic cycle brilliantly aligned
28 December 2013
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Ros predicts an economic boom in 2014 with 5% growth, rising real earnings and falling unemployment which aligns the economic and electoral cycle brilliantly. She wonders whether this is by accident or design.


Economic Forecasts for 2014 - Clash of the Titans
10 December 2013
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A transcript of Ros' speech at the Clash of the Titans event with her forecasts for the UK economy in 2014 - she predicts a boom year.


Clash of the Titans - economic outlook for 2014
10 December 2013
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Ros represented the London School of Economics at the Economics Research Council's annual 'Clash of the Titans' Event, which pitches an economist from each of LSE, Oxford and Cambridge against each other and ask them to predict the economic outlook for the coming year.


Autumn Statement measures for pensions and savings
5 December 2013
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Ros comments on the Chancellor's Autumn Statement 2013 as it relates to pensions and savings policy, welcoming news that people can buy extra years of state pension, but lamenting the lack of measures to encourage saving


Trailer for Ros' appearance for LSE at ERC Economic Event - Clash of the Titans
November/December 2013
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This is a trailer for the event at which Ros is the representative for LSE at the annual Clash of The Titans Economic Forum, run by the ERC and sponsored by PwC. Each year, there is a competition between LSE, Oxford and Cambridge Economists to forecast the economic outlook for the following year. The December 10 event sees Kevin Daly of Goldman Sachs, Stephen King of HSBC and Ros from LSE all debating their views.


Well done Mr. Carney - FLS should have focussed on business lending long ago
28 November 2013
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Ros welcomes the news that the Bank of England has decided the Funding for Lending Scheme should focus only on business lending and not mortgages next year. This should have happened at the start, but is welcome now nevertheless to take pressure off the housing market.


BoE forward guidance is looking backwards
14 November 2013
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Ros highlights that all the forward indicators of the UK economy are strong and expresses concerns that the Bank of England's forward guidance policy is gearing monetary policy to unemployment which is a lagging policy that reflects what has already happened, whereas monetary policy operates with long lead times.


Pension Pioneers Forum - QE's continuing impact on UK pension funds
24 October 2013
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Ros gave a keynote speech at the PEnsion Pioneers Forum conference explaining the damaged caused to #UK pensions by Quantitative Easing - both DB and DC schemes are affected


Bank of England should look at the evidence without blinkers
2 September 2013
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Ros responds to the OFT report on pension charges, highlighting that the recommendations may well disappoint those who wanted action, but that NEST's charging structure does not fit well with a cap


Ros on BBC2 Newsnight about Savers
9 August 2013
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Ros was interviewed (see around 2mins 45 secs and again at 5 mins 13 secs) for BBC2 Newsnight, commenting on the problems associated with the Bank of England's suggestion of interest rates staying so low for 3 years.


3 more years of low rates have damaging impacts on many Londoners
8 August 2013
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Ros wrote a letter to the London Evening Standard explaining that there are downsides to keeping interest rates so low for so long.


Forward Guidance means three more years of misery for savers
7 August 2013
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Ros reacts to the Bank of England's forward guidance that interest rates are likely to stay at current exceptionally low levels for another three years and explains the potential downsides of this policy.


The ACtuary Magazine Soapbox: QE Damage to Pensions
July 2013
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Ros wrote an article for The Actuary Magazine explaining that the Bank of England's policies are damaging both defined benefit and defined contribution pensions.


Bank of England policy worsening inequality
3 June 2013
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Ros wrote an article for CityAm explaining how the Bank of England's policies are worsening regional and generational inequality, with the young and those in the north losing out. Here is a link to the article as well.


Robin Hood in reverse - distributional dangers of monetary policy
28 May 2013
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Press Release explaining how QE acts like a tax cut for the wealthiest while imposing tax rises on the masses.


QE has created dangerous asset bubbles
28 May 2013
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Press Release highlighting the dangers of QE having created asset bubbles and calling for money to be directed to real assets, not financial assets in order to revive growth.


Monetary policy's unintentional side effects
May 2013
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Ros explains why QE isn't working and how it is causing damaging side-effects that will have longer term negative consequences.


Unintended consequences of unconventional monetary policy
17 April 2013
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Ros spoke at the London School of Economics, giving her views on the dangers of Monetary Policy measures for UK pensions.


The Independent Feature: Are politicians undermining capitalism?
30 March 2013
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Ros was interviewed by the Independent for a feature on her career which highlighted the pensions campaign she was part of and her views on the dangers of QE


Budget 2013 Comments
21 March 2013
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Ros's comments on the Budget, welcoming some measures but expressing concerns about emphasis on mortgage borrowing and house prices


CityAM feature - A Budget for Borrowers again
21 March 2013
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Ros wrote an article for CityAM giving her views on the main Budget measures, with little cheer for savers but big boost for borrowers. She expresses her concerns about stoking up house prices.


Budget Wish List 2013 - Pensions could kick start growth
18 March 2013
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Ros outlines her proposals for the Chancellor's Budget 'to do' list. She calls for measures to help stimulate growth directly and use pensions and savings to boost investment directly, rather than relying on banks. She calls for tax breaks for corporate investment that are only available if investments start in the next 12 months.


Cyprus could bring down whole EU banking system - small depositors must be protected
18 March 2013
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Ros comments on the news that a bail out for Cyprus will include bank deposits being confiscated, breaking the promised depositor protection guarantees. She warns that this will undermine trust in all EU banks and needs to be rethought


Ros Debates QE with Leigh Blue on BBC2 Daily Politics Show
26 February 2013
listen to the recording

Ros was guest of the day on BBC2 Daily Politics and had a discussion about Bank of England policies with Leigh Caldwell


Ros's evidence for Treasury Select Committee hearing on QE
29 January 2013
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Ros submitted supplementary evidence to the Treasury Select Committee inquiry on QE, ahead of her appearance on 29th January 2013


Has QE undermined pensions as we know them
29 January 2013
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Ros gave a presentation to the Pension Investment Academy at Westminster Business School explaining how QE has undermined both DB and DC pensions in the UK.


Ros's evidence on QE to TreasurySelectCommittee
28 January 2013
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Ros gave evidence to the Treasury Select Committee Inquiry into Quantitative Easing and explained why the Bank of England's models may not work in the UK economy at the moment, indeed QE may have been a drag on growth.


New Statesman - Autumn Statement wish list
5th December 2012
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The New Statesman published Ros' wish list for the Autumn Statement policy changes


Release after Autumn Statement 2012
5 December 2012
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Press Release giving Ros' initial thoughts on the measures contained in the Chancellor's Autumn Statement 2012.


Sky News post Autumn Statement
5 December 2012
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Ros was interviewed after the Chancellor's Autumn Statement, giving her reaction to the measures.


BBC News Channel, pre Autumn Statement
5 December 2012
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Ros was interviewed on the morning of the Chancellor's Autumn Statement calling for help for savers and for pensioners in income drawdown.


What the Experts want to see in Autumn Statement
2 December 2012
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BBC website surveys experts to ask what they want to see in the Chancellor's Autumn statement - Ros is the second one down, calling for recognition of the value of savers.


Ros on BBC Breakfast calling for policy to help savers
2 December 2012
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Ros was interviewed on BBC Breakfast Television, explaining why she has written to the Chancellor asking him to put savers at the heart of his budget.


Make this an Autumn Statement for Savers please George
30 November 2012
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Ros explains that the Chancellor needs to make some urgent reforms to help savers and boost growth in his Autumn Statement.


Make This An Autumn Statement For Savers
30 November 2012
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Youtube video in which Ros calls on the Chancellor to introduce policies to help savers in his Autumn statement.


Response to ONS consultation on improving rpi
29 November 2012
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Ros' response to ONS consultation on changes to the retail prices inflation index, to bring it into line with lower cpi.


Opinion: Bank of England must halt gilt-buying
6 November 2012
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Ros comments ahead of MPC meeting calling on BofE not to extend its gilt buying QE programme.


Bank of England must halt its gilt-buying programme
6 November 2012
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Ros calls on Bank of England to halt its gilt buying programme and assess alternative policies which may have less damaging side effects.


Bank of England's analysis of QE is flawed - its policies are not working
31 October 2012
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Ros submitted a paper to the Treasury Select Committee inquiry into the Bank of England's distributional analysis of its policies and concludes that its analysis has failed to analyse the distributional effects properly.


ONS suggests QE may have damaged growth
25 October 2012
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Ros highlights the latest figures from the ONS which suggest QE may have weakened growth and hampered economic recovery.


Ros on the BBC Daily Politics Show
25 October 2012
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Ros was the guest on Andrew Neil's BBC Daily Politics Show. Discussing economic growth figures, public sector pensions, women on boards and Dog of the Year!


Monetary policies have scared away the 'confidence fairy'
24 October 2012
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Letter published in Financial Times questioning whether monetary, rather than fiscal policies have dampened growth.


The Times Opinion Piece - Means-testing pensioner benefits is a step in the wrong direction
1 October 2012
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The Times published Ros' article on why means-testing pensioner benefits is not the right way to cut costs of paying to pensioners, taxing them or increasing age-of-entitlement would not penalize savers and would not mean means-testing millions of pensioners.


Plans to use pensions to for housebuying leaves pensioners at risk
27 September 2012
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Ros wrote an opinion piece in the Yorkshire Post which explains why Nick Clegg's proposal to use older people's pensions to fund younger relatives' house purchase is not a smart idea.


LSE blog - Government must be careful how policy affects pensioners
25 September 2012
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Ros wrote a blog for the London School of Economics website explaining how pensioners have been damaged by both fiscal and monetary policy - contrary to popular belief.


Guardian Comment - Don't use pensions for house deposits
19 September 2012
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Ros wrote a blog for the Guardian website responding to Nick Clegg's suggestion that pensioner benefits should be means-tested - very unwise and penalise savers and private pensions.


Pensioners billions of pounds out of pocket
12 September 2012
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Press Release highlighting the release of research by Cebr explaining the impact of fiscal and monetary policies on pensioners.


Shouldering their share of the burden? How pensioners are affected by fiscal and monetary policy
12 September 2012
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Ros gave a presentation at a Saga Thought Leadership event, explaining how pensioners have been affected by both fiscal and monetary policy - policymakers ignore this at their peril.


Economic policies leave average pensioner £1318 worse off
12 September 2012
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Article on Daily Mail website explaining why pensioners are worse off as a result of official policies.


How fiscal and monetary policy have impacted pensioners
12 September 2012
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Report from Cebr examining the impact of fiscal and monetary policy on pensioners 2009 - 2014.


The impact of QE on over 50s
12 September 2012
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A report from the Cebr quantifying some of the impact of Bank of England policy on Britain's over 50s, explaining why monetary policy has damaged real incomes and spending.


Thought Leadership - How have fiscal and monetary policies affected pensioners?
12 September 2012
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Write-up of the Saga Thought Leadership event with politicians and leading experts presenting and discussing results of research from Cebr about how fiscal and monetary policies have affected pensioners.


Policy punishes drawdown holders, lowers tax revenue, penalizes the unwell
10 September 2012
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Press Release explaining the need to revise income drawdown rules to make them fairer, especially after latest sharp falls, and allow older people in poorer health to take out more of their own money.


Could the 'Grey Pound' get us out of recession?
9 September 2012
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Ros wrote an article for the Sunday People explaining the damage done to the 'grey pound' by Bank of England policies and suggesting better ways to get growth going.


Drawdown policy changes penalize the less healthy and less wealthy
8 September 2012
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Press Release explaining how both fiscal and monetary policy have damaged income drawdown pensions and the unfairness for those in ill health in particular.


Analysis of impacts of Monetary Policy on spending of over 50s
6 September 2012
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Cebr research quantifying the possible effect of QE, inflation and low interest rates on consumption spending by the over 50s and impact on GDP.


Has Bank of England scored an own goal with QE?
6 September 2012
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Press Release about Cebr research which shows that QE has caused over 50s to cut spending and may have pushed UK economy into recession.


Response to Bank of England analysis of QE impacts
3 September 2012
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Ros published a response to Bank of England conclusions that its policies have not damaged the economy or pensions and that it may have underestimated the negative effects of monetary policy measures.


How can you relieve impact of QE on your pension
31 August 2012
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Telegraph published Ros' comments on how to try and relieve the impact of QE on your retirement income.


Response to Bank of England analysis of QE impacts
24 August 2012
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Ros published a response to Bank of England conclusions that its policies have not damaged the economy or pensions.


Response to Bank of England analysis of QE impacts
24 August 2012
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Ros published a response to Bank of England conclusions that its policies have not damaged the economy or pensions.


Bank Of England Is Wrong To Suggest Pension Funds And Annuity Purchasers Have Not Been Hurt By QE
23 August 2012
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Ros comments on the Bank of England's research into the distributional impacts of Quantitative Easing and low interest rates.


QE forces UK pensions into 'death spiral'
2 August 2012
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Ros explains the damage being done to UK final salary pension schemes as deficits mount and gilt prices rise, forcing schemes to face a 'death spiral'.


Means-testing pensioner benefits would be like reducing the pensions only of pensioners who've saved
10 July 2012
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Ros responds to calls for pensioner benefits to be means-tested, pointing out that this could require means-testing six million pensioners, it would risk undermining savings incentives, as well as failing many of the poorest pensioners who need the money but don't claim.


Another £50bn QE will not work - why is Bank ignorning evidence that QE has failed
5 July 2012
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Ros warns that the Bank of Englands announcement of a further £50bn gilt-buying with a third round of QE will not produce growth, it will help the banks, but not the economy. The Bank seems to be ignoring the evidence that QE is damaging important areas of the economy.


Of course older workers should be better off than younger ones
26 June 2012
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Ros comments on a paper from the Institute for Fiscal Studies which shows that older generations are better off than those in their 20s and 30s, suggesting that this is something to be concerned about! Surely this is the normal way of things, young people should aspire to be better off when they reach the end of their working life, that's a success!


More QE will be bad for the UK economy - distorting gilt yields is dangerous
25 June 2012
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Ros responds to an interview in which David Miles of the Bank of England calls for further QE to stimulate the economy. She points out that this would be dangerous, that gilt yields are already distorted and that QE is continuing to damage growth and pensions.


June inflation shows welcome fall, but still above target
19 June 2012
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Ros comments on latest inflation figures for June 2012, showing a fall in cpi to 2.5%, which is welcome news for savers at last. Inflation remains above target however, and is still affecting older generations more than others.


QE acts like a stealth tax on older generations
18 June 2012
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Press Release highlighting the damage done by QE to older generations and to pension funds, calling on Bank of England to recognise dangers of buying gilts.


Relax the pension discount rate - current gilt yields are not appropriate
13 June 2012
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Ros calls on the Government to relax the discount rate used for calculating pension liabilities


Dangers of QE
11 June 2012
view PowerPoint presentation

Ros gave a talk to BNP Paribas explaining her views about the dangers of QE and misperceptions of the impact of monetary policy on the economy


IMF is right we need Plan B - but that's not QE!!
22 May 2012
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Ros outlines her vision for a new phase of life, with people working longer but part time, as pensions have not delivered enough to support longer lives adequately.


MPC's academic attitude to QE is not working in the real world
20 May 2012
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Ros discusses why MPC member David Miles' analysis of QE impacts are based on academic assumptions which do not work in the real world. Denying that QE has damaged growth and pensions rests on flawed analysis.


Bank of England right to put QE on hold
10 May 2012
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Press Release welcoming the Bank of England's decision not to extend QE and suggesting that QE may not be working. The Bank should not ignore the dangerous side-effects of its monetary medicine.


Need alternative solutions as QE has failed to boost growth
3 May 2012
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Ros' views on finding alternative ways to boost the UK economy are explored in the Financial Times Financial Adviser magazine


Pensions World - QE damages pensions
May 2012
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Ros explains why QE has taken money from people's pensions and given it to borrowers and banks, leaving pensioners poorer in retirement


National Accounts figures for pension spending
27 April 2012
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Ros comments on the ONS first national accounts estimates of future pension spending, showing £7trillion of liabilities for past pension promises, with far more still to accrue, and a high share going to public sector pension payments.


Double dip recession further proof of QE failure
25 April 2012
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Press release analysing why QE could partly explain double dip recession.


Double dip recession - negative effects of QE being ignored
25 April 2012
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Ros explains why double dip recession could partly be explained by negative impacts of QE.


Telegraph blog- QE has irreparably damaged pensions
18 April 2012
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Ros' Blog on Telegraph website explaining the damage done to UK pensions by QE.


Why is policy so against pensioners?
11 April 2012
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Ros wrote a column for the Daily Express commenting on rumours of plans to tax state pensions at source for some pensioners and suggesting that policymakers need to stop targeting pensioners.


Policymakers ignoring QE damage
29 March 2012
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Article published in Financial Times Financial Adviser magazine asking why damage of QE is being ignored.


QE undermines UK pensions
29 March 2012
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Ros wrote a feature for FT Financial Adviser Magazine, explaining why QE is so damaging


Express - how much bad news can middle income pensioners take?
24 March 2012
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Article published in the Daily Express explaining that middle income pensioners have been particularly hard hit by the Budget


Yorkshire Post article - Poor pensioners in the Budget
23 March 2012
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Ros wrote an op-ed for the Yorkshire Post commenting on the Budget and explaining that middle income pensioners will lose out, no help for savers and a disappointment for older people


A slap in the face for decent pensioners
23 March 2012
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Article published in the Daily Telegraph explaining why the Budget's measures to abolish the age-related-allowance is so damaging for decent pensioners who worked and saved hard for their future


Huffington Post blog - what was wrong with the Budget
22 March 2012
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Blog on Huffington Post highlighting Ros' views on how the Budget has let down decent middle-income pensioners


Budget contains stealth tax for middle income pensioners but £140pw pension good
21 March 2012
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Press Release analyzing the Chancellor's Budget and explaining the good parts and not so good parts


Budget analysis - the good and the bad
21 March 2012
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Ros analyses the impact of measures in the Budget for pensions, pensioners and pension funds


Granny tax - a stealth attack on pensioners
21 March 2012
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Ros wrote a blog for the Daily Mail 'RightMinds' website, explaining that the Budget's stealth tax on pensioners, disguised as simplification, has caused great offence


Sky interview - Budget and the 'grannytax'
21 March 2012
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Ros was interviewed on Sky News following the Budget on 21 March and explains why the 'granny tax' is an astonishing attack on those decent pensioners who have saved


Huffington Post blog - what should the Budget do?
20 March 2012
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Blog for the Huffington Post website explaining what Ros would like to see in the Chancellors forthcoming Budget


New Statesman - Budget forecast
19 March 2012
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Ros wrote for the New Statesman explaining what the Chancellor needs to do in his Budget


100 year gilts not attractive, but longevity gilts could be great
15 March 2012
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The Government's suggestion of issuing 100 year gilts would not be attractive to pension funds, but would be great for taxpayers. However issuing longevity gilts would be far better


Latest unemployment figures bad news for older women
13 March 2012
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Ros explains that the latest unemployment figures show that older women have seen the largest rises in job losses, reaching a record high


Channel 4 debate - QE isn't working
6 March 2012
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Ros took part in a live debate with Ruth Lea on whether QE is working or whether it is doing more harm than good. See what you think.


It's time to consider savers again
5 March 2012
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Press release marking the third anniversary of the Bank of England's record low 0.5% interest rates, calling for the suffering of savers to be addressed, perhaps with higher Cash ISA allowances to help older people receive more interest tax free


YouTube video - QE has reduced pensions by 20%
1 March 2012
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Ros explains why QE has taken money from people's pensions and given it to borrowers and banks, leaving pensioners poorer in retirement


QE takes more money from pensions than Maxwell did
1 March 2012
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Ros highlights that the Bank of England's policy of Quantitative Easing has taken more money from more people's pensions than Robert Maxwell ever did!


Baby boomers need better savings policy
9 March 2012
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Blog highlighting Ros' views on how QE has damaged the interests of older generations


QE isn't working
9 March 2012
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Article published in the Expert View column of the JC, ex;aining the pitfalls of QE and why it isn't working, also suggesting that direct lending to small firms would be far more effective in stimulating the economy


Why printing money is a disaster for older people
1 March 2012
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Ros wrote an article for the National Federation of Occupational Pensioners NFOP Magazine explaining how QE damages pensions and pensioners and is a disaster for older people.


The Times Letters: QE is undermining our pensions
21 February 2012
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Ros' letter published in The Times explaining why the Bank of England's policy is distorting the risk free asset as well as undermining the UK pension system.


QE is silently stealing older people's assets
20 February 2012
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Ros wrote a blog for the Daily Mail's 'RightMinds' blog website, explaining in detail how QE is damaging our pension system and is not a sensible strategy for trying to boost growth.


Economic Effects of QE
9 February 2012
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Press Release discussing the economic impacts of QE and the evidence as to how effective it might be.


Why QE is so bad for retirees
9 February 2012
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Ros explores how QE is impacting people recently or soon-to-be retired, making them permanently poorer and there is almost nothing they can do to protect themselves.


Buying gilts is not a recipe for growth
8 February 2012
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Press Release warning that buying gilts in QE could actually damage growth, rather than boosting it.


The Oldie - Annuities theft
February 2012
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Ros wrote an article for the Oldie Magazine explaining how QE is robbing pensioners of their future income by devaluing annuities.


Yorkshire Post: How we can use our pension funds to build a better future
18 January 2012
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Ros wrote an Op-ed piece for the Yorkshire Post explaining the benefits of using pension fund assets to invest in infrastructure projects to help boost growth and improve pension funding.


Latest inflation figures nothing to celebrate
17 January 2012
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Press Release explaining why the latest inflation figures, while lower than before, are still dreadful and over 50s are suffering most.


Investing in infrastructure - a natural fit for pension funds
15 January 2012
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Ros explains why we need pension assets to invest in infrastructure to help boost their returns and the economy. Government should even consider underwriting some inflation linked returns for such projects.


Outlook and policy challenges for 2012
2 January 2012
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Ros wrote an article for the Yorkshire Post outlining the challenges for policy on pensions and care - as well as employment - for Britains older citizens during 2012.


Autumn Statement has nothing for savers
29 November 2011
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Ros comments on the Autumn Statement which contained no help for savers, but some sensible suggestions on using pension funds to invest in infrastructure.


Wish-list Before the Autumn Statement
28 November 2011
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Ros outlines three policies she would like to see in the Chancellors 2011 Autumn Statement.


How did pensions get in this mess?
8 November 2011
view PowerPoint presentation (pdf, 210kb)

Ros spoke to the Worshipful Company of Bankers, outlining what has happened to pensions over the years and a strategy for the future.


QE2 is a massive mistake
6 November 2011
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Press Release highlighting why the Bank of England's decision to launch a second round of 'Quantitative Easing' is dangerously misguided and will undermine economic activity, rather than create sustainable growth. By buying gilts, QE means new pensioners will be permanently poorer as annuity costs and inflation soar.


Pensioner inflation even higher than national average
20 October 2011
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Press Release highlighting that pensioners face an inflation rate even higher than the national average, with rpi increasing by over 6%.


Winter warmth
20 October 2011
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Ros wrote an article for the Yorkshire Post explaining that Winter Fuel Payments have been cut and the risks this poses for older people as inflation and fuel bills are soaring.


Launching QE2 will be a Titanic disaster
6 October 2011
read the article

Ros warns of the dangers of the Bank of England's desire for more Quantitative Easing and that it will end in disaster.


Guardian Comment - QE terrible for pensions and savers
6 October 2011
read the article

Ros wrote a 'Comment' piece for the Guardian website explaining why QE is unlikely to revive the economy and creating inflation is dangerous for pension funds, annuities and future pensioners - buying gilts will also distort financial markets creating danger of a crash.


Daily Mail - Printing Money is like launching a new Titanic
3 October 2011
read the article

Ros wrote a Monday View Column for the Daily Mail, outlining why she believes that a new round of Quantitative Easing would be dangerous for the economy.


Ros calls for more intelligent approach to stimulating economy
October 2011
read the article

Ros did an interview for the FT's Pensions Week website, explaining the dangers of QE and its damaging impact on pensions.


Verdict on Vickers' ICB report on banks - too little too late
October 2011
read the article

Ros wrote an article for a CSFI publication discussing whether the recommendations of the Vickers ICB report on Banking Reform would ensure a safe banking system in future.


It's time to show some financial fairness to forgotten over 50s
20 September 2011
read the article

Ros' article published in the Yorkshire Post explaining that savers must not be made to suffer and Government should extend ISA allowances so that savers can have more income from their savings.


Pensioner inflation nearing 20% in four years!
13 September 2011
read the article

Press Release highlighting that Saga has calculated inflation for the over 50s and, since the start of the credit crisis, inflation for older people is nearly 20%, so nearly a fifth of their purchasing power has been wiped out in just 4 years.


Seeking Solutions for Suffering Savers - Raise the ISA allowance
8 September 2011
read the article

Ros calls for a higher ISA allowance in order to offset the impact of ultra-low interest rates on savers. Allowing interest tax-free would be the equivalent of an interest rate increase of 1% - 3% for taxpayers.


Keep up the pressure on women's pensions
September 2011
read the article

Ros calls for Government to implement Option 2 of its consultation proposals to reform state pensions - a flat-rate simple state pension paying ?140 a week to all those with a full contribution record.


Inflation hits older people harder
July 2011
read the article

Ros explains that inflation is hitting older people very hard and those on fixed incomes are in a dreadful situation.


Bank must take long hard look at effect of low rates on growth
28 June 2011
read the article

Ros comments on the need for the Bank of England to take the inflation threat to our economy more seriously and examine the risks to growth.


Low interest rate policy damaging consumer confidence
5 May 2011
read the article

Press Release explaining that policy of ultra-low interest rates in the face of high inflation is damaging UK Consumer confidence and therefore negatively impacts economic growth.


Telegraph Expert View - Budget ignores savers and pensioners
26 March 2011
read the article

Expert View column published in the Daily Telegraph highlighting that the Chancellor's Budget contained nothing for savers and little for pensioners, with a cut in Winter Fuel allowance hidden away.


Budget Highlights
23 March 2011
read the article

Press Release explaining the highlights of the latest Budget measures, with little comfort for savers and pensioners as they seem to be very low down the Chancellor's priority list.


Respite for savers? - Will NS&I inflation certificates return?
23 March 2011
read the article

Ros welcomes indications in the Budget that National Savings and Investments will be allowed to reintroduce its very popular inflation-linked savings certificates - which were withdrawn from sale just as inflation started soaring.


Budget proposes pension reforms
23 March 2011
read the article

Press Release discussing the Chancellor's Budget proposals to end contracting out and simplify the pension system.


Inflation hits 4% - how much evidence does Bank of England need?
15 February 2011
read the article

Press Release commenting on 4% inflation figures, twice Bank of England's targets and very damaging for pensioners.


Bank of England still asleep
10 February 2011
read the article

Ros expresses disappointment that Bank of England failed to increase interest rates from the emergency 0.5% level, despite rising inflation.


Financial World - Inflation Pressures
February 2011
read the article

Letter published in Financial World ruing the dangers of inflation, how overly easy monetary policy and failure to unwind QE despite rising inflation is storing up huge risks in all asset and goods markets.


Telegraph blog - Time for Government to take plight of pensioners more seriously
20 January 2011
read the article

Ros' blog on Daily Telegraph website commenting on IFS figures showing pensioner households losing out as a result of policies to fight the economic crisis. If pensioners suffer, so do the rest of us.


Pensioners in danger from inflation
10 January 2011
read the article

Press release warning that pensioner incomes have fallen for third year running, interest rates need to rise and inflation is a major threat.


FT's Martin Wolf critiques Ros' views on interest rates
10 December 2010
read the article

Martin Wolf explains why he believes interest rates should stay low for longer and why Ros' fears that low rates are damaging are misplaced.


Low interest benefit the banks, but what about pensioners?
22 November 2010
read the article | view scan of article (pdf 2.15MB)

Ros writes a feature article for the Yorkshire Post outlining the dangers of ultra low interest rates.


Dangers of ultra-low interest rates
15 November 2010
view PowerPoint presentation (pdf, 225kb)

Ros gave a presentation to the EU Financial Stability Board outlining the unintended consequences and dangers of keeping interest rates at ultra low levels for too long.


Daily Mail article - Savers must be encouraged not discouraged
4 October 2010
read the article

Ros wrote an article for the Daily Mail explaining the dangers of discouraging savings and the importance of long-term policy thinking rather than short-term fixes.


Yorkshire Post 'It's time to stand up for responsible savers'
29 September 2010
read the article (pdf, 2.15mb)

Op-ed published in the Yorkshire Post criticizing monetary measures that discourage saving, especially as more baby-boomers reach their 50s and 60s and will need money to live on in future.


Daily Express feature article 'Bank of England must show more respect for savers'
29 September 2010
read the article

Feature article published in the Daily Express arguing that the Bank of England's policy of punishing savers and encouraging them to spend their capital is dangerously short-sighted.


Bank of England wrong to target savers
26 September 2010
read the article

Press Release criticizing Bank of England Deputy Governor, Charlie Bean, who suggested that monetary policy was deliberately trying to get savers to spend their money, ignoring dangers for pensions and long-term economic stability in an ageing population.


Times letter: Bankers to blame, not politicians
6 August 2010
read the article

Ros' letter published in The Times newspaper, recommending Government loans to small businesses, rather than letting bankers hold borrowers and savers to ransom.


Telegraph blog on economic policy and house prices
29 June 2010
read the article

Ros wrote a blog for the Daily Telegraph website, explaining her views on house prices and economic policy.


Emergency Budget comment
22 June 2010
read the article

Press Release following Coalition Government's emergency budget, outlining the implications for savings and pensions policy.


Why it is right to cut spending now
14 June 2010
read the article

Comment piece published in the Guardian outlining why Ros believes it is right to cut public spending immediately, rather than waiting. Here is a link to the article on Guardian website http://tinyurl.com/23wpp5o.


Brown's flawed policies
19 May 2010
read the article

Letter written to FT (not published) critiquing Gordon Brown's economic policies.


Interactive Investor - Giveaway Budget to be followed by post-Election Takeaway Budget
24 March 2010
read the article

Ros recorded a Gabcast for Interactive Investor website, expressing her views on the UK Budget and the irresponsibility of continued public spending increases.


Budget is about politics not economics
24 March 2010
read the article

Press Release pointing out the inadequacies of the Budget, with spending still rising despite the debt and deficit mounting.


Misguided QE
February 2010
read the article

Letter published in Financial World magazine, explaining the dangers of distorting the gilts market with misguided QE policy.


Public sector pension costs - hiding the truth
9 December 2009
read the article

Ros comments on the Chancellors Pre Budget Report and highlights that the public is being misled about future costs of public sector pensions. She also wants personal accounts abandoned and policy moves to promote longer working lives.


FT letter - QE increases risks for all assets
8 December 2009
read the article

Letter published in the Financial Times explaining why the Bank of England's gilt purchases in QE are distorting the supposedly risk free gilt market which underpins all others, and this entails significantly increased risks of asset price crashes in future.


Sunday Post - Scandal of our different rules for banks' pensions
30 August 2009
read the article

Feature article in Scotland's Sunday Post, discussing the injustice of taxpayers protecting bankers' pensions in full, while not paying anything at all to restore pensions of other workers.


Taxpayers rescue bank pensions 100%
21 August 2009
read the article

Press Release asking how it can be right that bankers' pensions are 100% underwritten by taxpayers, while Government has always said taxpayers could not 'afford' to restore pension victims pensions in full, despite Parliamentary Ombudsman, High Court and Court of Appeal verdicts.


Incentives and conflicts of interest in RBS remuneration
16 June 2009
read the article

Ros expresses her concerns about damaging conflicts of interest at the heart of Government policy for dealing with the banks. Incentivising RBS management to get share price up cannot be good for social objectives of wider lending.


FT letter: Deflation dangers disappeared, monetary easing must stop
3 June 2009
read the article

Letter published in Financial Times calling for an urgent end to quantitative easing now that deflation dangers have gone.


Yorkshire Post op-ed – pensions crisis worse than credit crisis
12 May 2009
read the article

Op-ed published in Yorkshire Post explaining why the pensions crisis is likely to be worse than the credit crisis and lamenting the measures announced in the UK 2009 Budget which did not address the problems.


Quantitative Easing – more misery to come
7 May 2009
read the article

Press Release explaining why the Bank of England's latest announcement about extending Quantitative Easing further is misguided and dangerous. Such short term thinking is not in our interests and the sums involved as more than the entire annual revenue from council tax and national insurance!


Sunday Post – pensions and the budget: another missed opportunity
26 April 2009
read the article

Article published in Scotland's Sunday Post newspaper, explaining how the recent budget measures were a missed opportunity to sort out our pensions crisis and will not deal with the problems. Could this be because policymakers do not have to worry about pensions themselves?


Sunday Telegraph Comment – Without urgent action on pensions, old age will be something to fear
24 April 2009
read the article

Comment piece published in Sunday Telegraph explaining the inadequacies of the 2009 Budget's pension measures and the risks that millions will face an impoverished old age


UK budget pension measures
22 April 2009
read the article

Ros gives an overview of the measures announced in the Spring 2009 UK Budget, as they relate to pensions.


Telegraph: Inflation is the big worry, forget deflation myth
11 April 2009
read the article

Daily Telegraph 'Fundamentalist View' Column explaining Ros' view that deflation is a myth and we are heading for a big inflation problem which will hurt corporate bonds as well as fixed interest gilts, with investors needing inflation protection.


Yorkshire Post op-ed: Pensions – we all face a poorer future
9 April 2009
read the article

Op-ed published in Yorkshire Post explaining the dangers of employers cutting pension contributions and the Government's personal accounts encouraging further cutbacks in future. This is a pay cut today, will be a pension cut tomorrow and will mean delayed retirement or pensioner poverty in future.


Government is only making pension problems worse with QE
15 March 2009
read the article

Article published in Scotland's Sunday Post newspaper, outlining why it is wrong to print money to buy gilts. Quantitative Easing will not revive the economy unless the money printed actually goes to the parts of the economy which need it. Meanwhile, it is damaging pensions enormously.


Quantitative Easing – a huge mistake
12 March 2009
read the article

Article published on Daily Telegraph website explaining why Ros believes that Quantitative Easing is a huge mistake, will not work, and will make things worse.


Why buying gilts for QE is so wrong
11 March 2009
read the article

Press Release explaining that the Bank of England's decision to print money to buy gilts will not work, the money will either leak abroad or not get to where it is so urgently needed – and pension funds and annuity rates will be severely damaged too.


'QE' – the wrong policy fighting the wrong enemy
8 March 2009
read the article

Article published in Scotland's Sunday Post newspaper, explaining the dangers of 'Quantitative Easing' – the fancy name for printing money.


Dangers of Quantitative Easing
5 March 2009
read the article

Press Release highlighting the dangers of 'printing money' in an environment where inflation is still above the Bank of England's target.


Pensioner Poverty – Response to DWP Select Committee
28 February 2009
read the article

Ros' response to DWP Select Committee Inquiry into pensioner poverty, explaining how the credit crisis will make pensioner poverty worse and highlighting some of the injustices of current policy.


Sir Fred's pension should be around £20,000 a year
26 February 2009
read the article

Press Release explaining that Pension Protection Fund rules should apply to failed bank pension schemes, which would reduce Sir Fred's pension to around £20,000.


Trustees, Governance and Investment Manager Selection post-crisis
24 February 2009
view PowerPoint presentation (pdf, 71kb)

Presentation given to Institutional Investor conference in Amsterdam outlining Ros' thoughts on past mistakes and future trends in pension fund investment and trustee investment governance.


FSCS Bank depositor protection can disappear without notice
16 February 2009
read the article

Press Release warning that FSCS protection can disappear if a bank decides to pull out. Investors will no longer be covered and FSA is not warning of this risk. Investors who take care to make sure they are covered by UK protection are being let down.


FT Money Comment piece – Rate cut dangers – beware inflation
14 February 2009
read the article

Comment article commissioned by the Financial Times for FT Money, outlining the dangers of sharp rate cuts for pensioners, for the economy and for future inflation.


Evening Standard response - Who's to blame for the crisis?
13 February 2009
read the article

Letter published in London Evening Standard responding to an article by Chris Blackhurst apportioning blame for causing the current crisis. Ros explains that she believes the Bank of England's warnings were ignored while the FSA encouraged or turned a blind eye to irresponsible lending activity by banks.


Presentation for MPs and Lords on pensions and the credit crisis
11 February 2009
view PowerPoint presentation (pdf, 248kb)

Presentation given to the All Party Parliamentary Group on Social Security and Reform, funded by ESRC, explaining Ros' views on the policy response options for dealing with pensions and the credit crisis.


Latest rate cuts will lead to inflation, won't solve the problems and are unfair
8 February 2009
read the article

Article featured in Scottish Sunday Post, where Ros explains why the latest cut in interest rates will cause more damage to savers and pensioners and will lead to inflation that will cause yet more damage to pensioner incomes.


Blog entry on Guardian Money – dangers of rate cuts
6 February 2009
read the article

Blog commissioned by Guardian Media for Guardian Money website explaining the dangers of continued rate cuts to such low levels and warning that this policy will worsen economic outcomes, not improve them.


Rate cuts worsen pensioner poverty
5 February 2009
read the article

Press Release warning that cutting interest rates again will worsen the economic outlook and worsen poverty for pensioners. Ros urges the authorities to stop cutting rates and focus on fiscal policy.


Parliamentary Briefing on credit crisis and pensions policy reform
February 2009
read the article

Parliamentary Briefing funded by ESRC for All Party Parliamentary Group on pension reform. Ros explains what policymakers need to be aware of and makes proposals for reforms to assist long-term sustainability.


Interactive Investor - why bother with pensions?
29 January 2009
read the article

Article written for Interactive Investor website, explaining how the credit crisis has been a disaster for pensions and that Government policy is helping to undermine pensions even further.


Labour's Legacy - destruction of pensions
25 January 2009
read the article

published in Scottish Sunday Post explaining that the era of final salary pension schemes is now closing and that Government policy has hastened the demise of a once-thriving private pension system in the UK.


FT Comment piece - Better ways out of this crisis
15 January 2009
read the article

Comment article published in the Financial Times outlining some of the mistakes of the policy response so far and suggesting potentially more effective alternative policies to cope with the downturn.


Yorkshire Post - Crisis needs a more intelligent response
13 January 2009
read the article

An op-ed published in the Yorkshire Post - Ros explains why she believes it is wrong to cut interest rates further, the damage this can do and that a more intelligent, targeted approach is required to this crisis with Government taking charge and lending direct to companies.


Rate cuts could make the economy worse, not better
11 January 2009
read the article

Ros explains why cutting interest rates even further from here is not sensible and causes significant damage to pensioners living on their savings. She highlights the iniquity of pension credit assumption that poor pensioners earn 10% interest on their savings.


Crisis policy response carries big dangers
9 January 2009
read the article

Press Release critiquing Government's emergency policy measures, explaining dangers and highlighting unfairness for pensioners of pension credit assuming they still earn 10% interest on their savings.


Falling markets, crumbling pensions
January 2009
read the article

Article published in House Magazine examining the credit crisis, stock market falls and policy response have impacted pensions and the implications for public spending.


Reassessing investment risk
16 December 2008
read the article

Letter published in Financial Times suggesting that the concept of investment risk has been misunderstood - expected returns may not be each investors' achieved returns, but investors have acted as if their returns on risky assets will somehow be guaranteed.


Cutting interest rates is like a tax increase or a pension cut - it's wrong!
December 2008
read the article

Ros explains why cutting interest rates even further from here is not sensible and causes significant damage to pensioners living on their savings. She recommends bringing back the 10p tax band to improve incomes for all taxpayers and improving the state pension to help all pensioners over age 75.


Bring back the 10p tax rate!
30 November 2008
read the article

Government reforms in the pre-budget report will not solve our problems and Ros suggests an alternative approach.


Credit Crisis and Pension Funds - what now for LDI?
25 November 2008
view PowerPoint presentation (pdf, 124kb)

Presentation given to Goldman Sachs Pension Academy explaining how pension fund trustees could consider coping with the credit crisis and updating investment thinking for the future.


Critique of measures in Pre-Budget Report
24 November 2008
read the article

Ros critiques measures in Government's Pre Budget Report, explaining why cutting VAT will not work and recommending reducing direct taxes and increasing pensions instead.


DMO should issue pension and annuity gilts
November 2008
read the article

Ros wrote to urge the Government to issue gilts specifically targeted and pension funds and annuity providers: long duration, linked to inflation and longevity/mortality. There are hundreds of billions of pounds of domestic institutional money that would eagerly buy such paper.


Public sector pensions aristocracy
November 2008
read the article

Article published in the Yorkshire Post contrasting the effects of the credit crunch on private sector and public sector schemes and calling for transparency on accounting for public sector pensions.


Crazy to bail out IceSave retail deposits 100%
10 October 2008
read the article

Press Release highlighting the dangers of printing money to bail out retail bank depositors 100% while long term savings remain maximum 90% safe. There should at least be some quid pro quo for taxpayers protecting above the £50,000 limit.


Credit crisis measures will worsen the pensions crisis
9 October 2008
read the article

Press Release explaining why the panic measures aimed at stabilizing the banking system will make the pensions crisis worse and lead to a serious pensioners crisis soon. Ros calls for the Government to issue more long-dated gilts and longevity or mortality bonds.


Credit crisis results from duration mis-match, short-term thinking not the answer
9 October 2008
read the article

Press Release suggesting the credit crisis is due to short-term policy which borrowed from the long-term and will have to be paid back. Until policymakers understand this, they will not solve the problem and short term panic measures are not the answer.


Financial crisis and pensions
October 2008
read the article

Article published in Unite Magazine, explaining the dangers of emergency protection of bank deposits 100% while pensions are far less protected and the long term risks of making short term savings more secure than long term investments.


How the credit crisis affects pensions
October 2008
read the article

Article published by Pensions Management Institute in PMI News giving Ros' views on how the credit crisis is likely to affect pensions in the UK.


Final salary scheme deficits soar again
5 August 2008
read the article

Press Release commenting latest figures showing rise in final salary scheme deficits for FTSE 100 companies caused by falling equity markets and disappointing corporate bond returns.


Final chapter for final salary
August 2008
read the article

Article published in the Yorkshire Post explaining why the latest falls in asset prices have led to worrying deficits in UK final salary pension schemes, which will hasten the demise of such schemes.


Financial crisis and demographic dangers of current Government policy
1st October 2007
view PowerPoint presentation (pdf, 338kb)

Presentation given to LSE conference on Financial Markets Crisis, explaining how savers will be affected and the need to restore savings incentives.


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