Yup, that money you\’ve got squirreled away to pay for your old age, it\’s to be spent on what R Murphy thinks it should be spent upon, not what might provide you with that pension you\’re saving for.
Robert Skidelsky and Felix Martin call for the creation of a National Investment Bank in the FT this morning.
Call it the mechanism to fund a Green new Deal if you like.
Provide it with its capital out of a compulsory 25% investment pension funds should make out of their tax funded income that they should invest in new employment creating opportunities.
See? 25% of your pension must be spent on what Caroline Lucas and Richard Murphy thinks might make money. Rather than what trained professionals think might make money.
Can\’t you just feel the wealth that you\’ll be rolling in in your dotage?
Ms. Lucas being the woman who thinks that more labour intensive methods of energy generation are a good thing? Actually make us richer rather than poorer? The woman who has apparently never heard of opportunity costs?
And Murphy, well, do I really have to explain?
Worth reading up on the Groundnut Scheme really.
The Tanganyika Groundnut Scheme was a plan to cultivate tracts of what is now Tanzania with peanuts. It was a project of the British Labour government of Clement Attlee. It was abandoned in 1951 at considerable cost to the taxpayers when it did not become profitable. Ground nuts require at least 500 mm (20 inches) of rainfall per year; the area chosen was subject to drought.
That\’s the sort of thing that\’ll do your pension a lot of good, eh?