As the Guardian has reported:
Britain will experience a "terrible, terrible waste of money" in the next five years as interest on the nation's debt rises to £70bn a year, more than the combined budgets for education, climate change and transport, David Cameron said.
And that begs the question, why?
Isn’t Cameron aware that the biggest investor in UK gilts are UK pension funds? And that these gilts underpin the income of almost all who enjoy occupational pensions? And that as we now are entering the mass retirement years of baby boomers we need more gilts to meet the demand they have for them?
Is paying interest to support pensioners such a terrible waste of money Mr Cameron?
And if they aren’t to invest their pension annuities in gilts what are they to put them in Mr Cameron?
Tell me that. Please.
Because right now what you’re saying makes no sense at all.