"Bank of England MPC member Gertjan Vlieghe spoke yesterday of the need for the recovery from the Pandemic to be creative, as traditional policies have little room left to help. He went on to say that as longevity increases, the Government should consider raising the retirement age.

As workers come close to retirement they save more and spend less, and this depresses interest rates.

The Pandemic has brought about changes in working practices that could suit older workers. The most prominent of these is working from home.

Bank of England MPC member Gertjan Vlieghe spoke yesterday of the need for the recovery from the Pandemic to be creative, as traditional policies have little room left to help. He went on to say that as longevity increases, the Government should consider raising the retirement age.

Vlieghe ended by saying that he is not against negative interest rates as a policy choice, and next time monetary stimulus becomes necessary he would vote according to the situation at the time. Nevertheless, he believes that the Bank’s current monetary policy stance will remain in place for several quarters to come.

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