New roads in Britain are badly-needed, but who should bear the costs? Motorists, says David Cameron — and his speech today is a move in the right direction. No tolls would be slapped on existing roads, so motorists are free to drive as freely as they do now. But if they want a shortcut, they’ll have to pay for it. What I’m uneasy about is Cameron trying to raid our pension funds to help subsidise this.
There are many ways to raid pension funds — QE is one. The National Association of Pension Funds estimates that a scandalous £130 billion has been wiped from the value of our collective pensions because Sir Mervyn’s Magic Money Machine is artificially lowering interest rates. This allows Osborne to misrepresent low rates as the applause of global markets for his wisdom. It radically lowers the interest his government pays on its massive debt.
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