John’s Blog No. 121– Pensions

The real solution to the economic crisis is work and investment in the UK and self reliance, we should stop being dependant on other Countries, why should we need the French to build our power stations when our future economy and existence depends on it.

The latest is Air Search and Rescue is to be contracted out to an American company, who we will pay £1.8bn for the privilege, the Air Force have done a fine job, but because we can’t afford the best helicopters for the job, we are paying the Americans to supply them and do their work.

Let us hope that it does not follow the Olympic Games security fiasco, where the armed forces had to come in to sort it out, people’s lives are at risk. We are paying the servicemen anyway and it was good training, or are they going to be made redundant, including Prince William.

We do not appear to be capable of seeing the difference between internal spend, where the money circulates, creating work, goods, services and investment and overseas spend where it is lost and creates debt, increasing the reliance on other countries and becoming the beggar. Our overseas deficit is the largest ever!

We could create all the investment funds we need in the UK, by changes to and emphasis on pensions; all in work pay large National Insurance contribution, some 20% for someone on average wage. This money is now being wasted with little results.

The State pension is miserable and the lowest in Europe, yet the £75bn cost should give all members at least £10,000 per year, instead of the basic £5,600, resulting in at least a third not being accounted for, yet no one queries the figures, or the lost £20bn.

If this money was invested in the UK at a modest return, it would yield and allow pension spend of some £250bn, over three times the present levels. Such investment of £75bn per year is over 20 times what the government is talking of spending.

Think what that investment level would do to the economy in work, growth confidence and UK standing. The houses, schools, hospitals we desperately need; new transport and energy projects; replacing our worn out infrastructure and investment in our manufacturing and business.

We have the ideas, the scientific and engineering entrepreneurs but fail to deliver the goods, leaving others to grasp the opportunities we create, whilst we beg at the doors of the Banks.

Let us take up the initiative and advance in leadership, as our Victorian ancestors did.

We still have the brains, ability and capability to do it, with the majority hardworking and dedicated, we just need the leadership to get things going, sadly lacking in the UK today. Let’s stop the never ending party bickering and get on with it.