I’m also a veteran of both the 1987 hurricane and the first big crash. Of course, stock markets have plummeted on many occasions, but this was the first time we all knew about it and that, thanks to Sid and The Thatcher Miracle, it mattered to more than a few bowler hat wearers (kids etc.) The lessons of this particular bit of history? a) Don’t buy a house next to a wood or with a big tree in the back garden and b) Stock markets recovered in less than 12 months; you’d only have lost money if you’d sold when they were down. FYI, and apropos of nothing, the bank base rate at the time was 10.375%
“Pensions minister: ‘we have created saving pots, but not a pension system’”
The OBR (Office of Budget Responsibility, as opposed to the OBI, often said to be housed in No.11) said this week that pensions were one of the biggest problems to be faced by this and future governments.
