I am convinced that we need a Grey Power movement.
After all, the over-50s own the lion’s share of the
national wealth – houses, savings, investments.
They are the
sector most likely to turn out to vote.
They are also most likely not only to be ignored by the
political parties but also to be exploited by the government and generally
put-upon. The media has been implying that we are geriatric parasites who take up far too much
of the nation’s resources for no return. We have a very high proportion of
pensioners still in work (a bit contradictory, that) who keep younger people
out of jobs.
We clutter-up the
aisles in the supermarkets. We block the pavements with our Zimmer
frames, and yet young people shamelessly park in the disabled bays.
I recently witnessed a disabled old guy being told by a
young couple to get his mobility scooter off the pavement. I didn’t quite catch
his reply but I think it ended in ‘off’.
We have been under attack since Gordon Brown abolished
tax relief on pension fund dividends in 1997, making shares less attractive,
forcing down prices and costing retirement schemes hundreds of billions of
pounds. My small share-holding is still only worth a third of its 1997 value.
At the 2009 Conservative conference , before the General Election,
George Osborne told delegates: “Gordon Brown’s disastrous tax raid on pensions
heralded the start of the age of irresponsibility. So we will reverse the
effects of Gordon Brown’s pensions tax raid and get our country saving again.
That saving will fund investment – investment in real business’.
We are still waiting.
Brown’s assault on pensions is worth
about £8 billion a year to the Treasury, Since taking over, Osborne has further
tightened the screw, cutting the annual amount that can be put tax free into a pension from
£255,000 to £50,000 to £40,000. He has
also reduced the lifetime allowance, i.e. the total amount that can be compiled
tax free, from £1.5 million to £1.25 million.
Our pension schemes were once the
envy of the world, financially sound and fully funded. Now scarcely a week goes
by without a ruckus over a firm getting out of final salary schemes because of big
deficits in the pension pot.
Despite our age we get harassed unnecessarily
at airport security; taking of your shoes and belt when you are a bit unsteady
on your pins or suffering from spinal stenosis or arthritis is no fun, unless
you are a security jobsworth. The US has abolished this
humiliating ritual for over-75s.
Stand by for further attacks on elderly
benefits, such as cold weather fuel allowances, social care, and bus passes. And
the Government has not given up on
its plans to force you out of your home if you have what they consider
to be one bed-room too many.
In the US, ‘grey-power’ is a
formidable political force.
We should do likewise.